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The SE is said to stand for "Special Edition."
The iPhone SE is expected to come with a 4-inch screen and a similar design to the iPhone 5s with a slightly curved front glass panel. It's also claimed to have an 8-megapixel camera, the powerful A9 processor from the iPhone 6s, Apple Pay, and Live Photos.
Apparently, Apple is ditching the number "5" from the 4-inch iPhone's name to avoid confusion. Indeed, having the "5" in the model name could give the impression that it's a revamped older generation model, which might not be as alluring as a brand new model.
Gurman expects Apple to announce the iPhone SE at an event on March 15, where it's claimed the company will also announce an iPad Pro with a smaller 9.7-inch screen instead of the iPad Air 3.