"The new features will include faster 3G performance using the HSUPA standard instead of the current HSDPA; better graphics; plus video recording and messaging. He thinks the new version will be thinner than existing iPhones.

"We do recognize the global slowdown is likely to pressure Apple's growth and margins, but we think its product innovation will help the company maintain healthy cash flows over the long term. It is why we consider it a 'Buy.'

"Meanwhile, recently results fom Blackberry maker Research in Motion bode well for Aple's iPhone sales. Research in Motion delivered stronger-than-expected sales and profit results for its fiscal fourth quarter last night and more importantly offered an optimistic outlook for the current year.

"The big surprise was the strength of consumer demand for its products. Its ecession-defying results also bode well for sales of Apple's iPhone as some analysts have been fretting that Apple's growth has to slow given the state of the global economy.

""We expect that Apple should also benefit from the same lower component costs that Research in Motion enjoyed in its fiscal Q4, and we would not be shocked to see Apple deliver another iPhone sales surprise. Apple remains one of our favorite stocks for the long term.

"We always recommend building positions in any stock incrementally on weakness, and in Apple's case, there have been numerous opportunities in the last several months to pick up shares below the $90 per share mark.

"Those fortunate enough to have built positions at price points in the low to mid $80s can certainly feel free to take a little money off the table. However, Apple remains one of our favorite stocks for the long haul."

Steven Halpern's TheStockAdvisors.com offers a free daily overview of the favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.