By Nicole Brewer

PHILADELPHIA (CBS/CNN) — There may not be much mystery left about Apple’s big event on Tuesday. Details of what are expected to be called the iPhone 8, iPhone 8 Plus and iPhone X have been leaked. Wireless charging. A better camera. A bigger screen. And a much higher price.

But Wall Street is excited nonetheless. Apple’s stock rose 2 percent Monday morning, part of a broader market rally. Apple is up about 40 percent this year. The only stock in the Dow that’s done better is Boeing, with a 55 percent gain.

As Apple prepares to unveil the iPhone 8 Tuesday, rumor says it could run you a $1,000 , slightly more than rival Samsung’s latest model.

Jade Choice of Philly told CBS3, “I’m not paying for that.”

Analysts disagree, predicting a 15% rise in sales for Apple’s next fiscal year.

So, why are so many willing to shell out?

Dr. Dustin Kidd, an associate professor of sociology at Temple University says these products not only help us with everyday tasks, they offer a sense of belonging.

“There’s a sense that everybody has it, it’s part of being a citizen. So, if you don’t have it, if it doesn’t work, you’re left out,” explained Kidd.

Future App May Help Diagnose Concussions By Looking At Pupils


Macquarie Research analyst Benjamin Schachter wrote in a report Monday that he is in the so-called “super-cycle camp” regarding the iPhone.

“We expect the next iPhone to include innovations that will be clearly visible, marketable, and useful for the mass-market globally.” he said in the report.

But, what about the folks first in line for the latest and greatest?

“Each iteration promises to do a little more for us. You want to be able to perform at your job, create art, stay connected the best we can. And they at least promise they’re going to do so much more to allow you to do it,” said Kidd.

Despite these high hopes, Apple’s stock still trades at a reasonable valuation of less than 15 times earnings forecasts for next year.

That’s a discount to the broader market. The S&P 500 is valued at about 17 times estimates for 2018 earnings — and profits are only expected to increase 11% next year.

Taiwan Shop Sells World’s Most Expensive Beef Noodle Soup For $325

Apple is even cheaper if you exclude the iNormous amount of cash it has on its balance sheet: $261 billion. That makes up nearly a third of Apple’s overall market value.

Subtract that from the core (pardon the pun) Apple business, and Apple trades for a little more than 10 times earnings estimates for next year.

So even though there is a lot of pressure on Apple to deliver a phone that will eat into the market share of Samsung’s Galaxy line and others running on the Google/Alphabet Android operating system, the stock is still reasonably priced.

And investors seem pretty confident that Apple’s best days are still ahead.

(TM and © Copyright 2017 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2017 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The The-CNN-Wire ™ contributed to this report.)