According to CNBC, Kuo suggested in an analyst note that the iPhone SE2 will retain the iPhone 8's 4.7-inch screen. The iPhone 11 has a 6.1-inch display. Many people who bought the iPhone SE did so because it packed the guts of an iPhone 6S into the smaller body of an iPhone 5-style design at a lower price.

Indeed, the iPhone SE2 is likely to be cheaper than the iPhone 11. The iPhone SE initially sold for $399, and if the SE2 goes on sale at the same price, it'd be $50 cheaper than the iPhone 8 as things stand. To keep costs down, the iPhone SE2's cameras may not be as powerful as those found in the iPhone 11 lineup. It also may retain the Home button of the iPhone 8 instead of switching to an all-display format with Face ID.

"Though most of iPhone SE2′s hardware spec will be similar to iPhone 8′s, we think the excellent computing power offered by A13 and 3GB LPDDR4X, and the more affordable price will be great selling points," Kuo said. "Therefore, we estimate iPhone SE2 shipments in 2020 will reach 30–40 [million] units."

Apple revealed the iPhone SE in March 2016. A similar launch schedule for the iPhone SE2 would match up with Kuo's suggestion that Apple will unveil the device in the first quarter of next year. Kuo's prediction adds further fuel to the iPhone SE2 rumors, as other analysts have made a similar forecast.