Last month, the previous version of the HTC One was named "Best New Mobile Handset" at the Mobile World Congress in Barcelona, Spain.
HTC had less than 5 percent of the worldwide smartphone market in 2013, according to research firm Gartner. That compares with Apple's nearly 16 percent share and domination by Samsung, which had 31 percent.
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But HTC's new model could attract current users of both competitors' devices, Turrentine says.
Apple could lose market share to HTC and other Android devices simply because it's been slow to adopt bigger screen sizes, she noted.
But iPhone loyalists can look forward to a bigger iPhone later this year, UBS Analyst Steve Milunovich told CNBC.
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The HTC One M8 can be ordered online starting Tuesday and will be available in stores on April 10. The phone is expected to be priced at $200 to $250 with a two-year contract or around $650 without a contract.