Mark Gurman:

Because the iPhone 7 will include a faster chip potentially known as the A10 processor, Apple likely does not want its new 4-inch iPhone to fall two processor generations behind in just six months. Another benefit of the M9 chip from the iPhone 6s is always-on Siri activation. This feature allows a user to say “Hey Siri” and launch Siri on their iPhone without the device being plugged in. Given the large performance leap, we are told that the “5se” will likely replace the iPhone 6 and iPhone 6 Plus in the iPhone lineup this fall when the iPhone 7 is introduced. This means that Apple’s fall 2016 iPhone lineup will likely be the iPhone 5se, iPhone 6s and 6s Plus, and the future iPhone 7 and 7 Plus (or what Apple ends up calling the next-generation devices).

While the ‘5SE’ sounds nostalgic to me, it suggests the phone is three generations behind the iPhone 7 — or rather will be. Reportedly.