Neil Hughes, writing for AppleInsider:

The KGI Securities analyst, who has a strong track record in predicting Apple’s future product plans, believes Apple’s new 4-inch iPhone will resemble an upgraded iPhone 5s. The handset will come in a metal casing, and will feature identical camera specifications to the current entry-level iPhone, he said.

But in a key specification upgrade, Kuo said the new 4-inch iPhone will boast an A9 processor, as well as near-field communications technology for Apple Pay. He expects the device will cost between $400 and $500, with the goal of reaching emerging markets and consumers looking for a more affordable iPhone.