A media outlet in South Korea reported this morning the newest version of Apple’s (News - Alert) iPhone is slated for release in the second quarter this year. Reports come less than a week after the US release of the newest Apple iPad, which created a feeding frenzy at electronics stores nationwide last Friday.

Rumors of the iPhone’s (News - Alert) appearance and features are limited, although it appears it will sport a larger 4.6-inch retina display. The new iPad also offers retina display technology, packing more pixels per inch for a higher resolution display.

If the phone does come equipped with the new display, it will put it on par with one of its biggest competitors, the Samsung (News - Alert) Galaxy S II, which entered the market nearly one year ago.

Apple stocks (AAPL) have soared in recent weeks, largely due to the release of the new iPad. Stocks are up 49 percent this year to an all time high of $609.65 per share, according to Retirement Planning Zone.

Analysts believe the news about the newest iPhone will push stocks even higher. Several brokerage firms have put a price target of $700 for Apple shares, reflecting a 17-percent gain over its current price.

It’s a good time to own shares in Apple. The company announced recently a new quarterly dividend of $2.65 per share to begin in the fourth quarter of this year. Apple also announced a buyback program worth $10 billion.