Investing firm Haitong International Securities analyst Jeff Pu predicts that Apple’s next-generation iPhone 15 Pro Max will cost more than the previous model.

The bigger of Apple’s two upcoming Pro models is expected to see a price increase higher than the $1,099 starting price of the current iPhone 14 Pro Max. This is the first time Pu has singled out the Pro Max as costing more than the iPhone 15 Pro models.

Besides a larger battery and display, Pu doesn’t specify why the iPhone 15 Pro Max has a periscope lens compared to the iPhone 15 Pro. The iPhone 15 Pro and iPhone 15 Pro Max will include telephoto lenses as part of their three-camera array, but the iPhone 15 Pro Max is likely to have a periscope lens that enables 5x to 6x optical zoom, a notable improvement over the iPhone 14 Pro’s 3x zoom.

An angled mirror or prism reflects light from a primary lens and sends it to a second lens that sends it to the image sensor based on the periscope lens system. In the smartphone, the image sensor and secondary lens are positioned sideways to extend focal length, and this takes up valuable space.

The iPhone 15 series is also expected to enter mass production in August, the same as in previous years when Apple’s iPhone lineup was announced in September. The two Pro models are likely to be the most popular devices in the lineup in the first few months after launch, according to Pu.

It’s rumored that all four iPhone 15 models will feature USB-C ports, Dynamic Islands, and curved frames, while the iPhone 15 Pro models will have 12 additional features.