KGI Securites, a consulting firm that often report on Apple, claimed the iPhone SE will cost between $400 and $500 in a report to investors obtained by 9to5Mac on Saturday.
The iPhone SE is reportedly the name of Apple's upcoming 4-inch smartphone. The smallest version of the latest iPhone model, the iPhone 6s, has a 4.7-inch screen - the last iPhone was a 4-inch screen was the iPhone 5S.
KGI also reports the iPhone SE will come with a 12-megapixel camera instead of the rumored 8-megapixel camera from the iPhone 5s.
Apple currently sells the iPhone 6 for $549, which means the iPhone SE would have better specs for a lower price, albeit with a smaller screen.
So far, it looks like the iPhone SE will be more like the iPhone 6s than the iPhone 5s, which rumors have previously stated. Considering the iPhone SE is also rumored to use the powerful A9 chip used in the iPhone 6s, the SE could be a very attractive option for people, especially with the excellent camera from the iPhone 6s.
Earlier rumors also claimed the iPhone SE will feature other premium features, like Live Photos and Apple Pay. It's also claimed that it'll look like the iPhone 5s, but the front panel will have slightly curved edges similar to the iPhone 6 generation.
Photos allegedly showing the screen and home button of the iPhone SE were also leaked on Saturday showing a supposed 4-inch screen without the 3D Touch technology from the iPhone 6s.