The phone, which could replace the 5s as Apple's entry-level model and appeal to those who prefer the smaller form factors of older iPhones, is said to feature an A9 CPU (like the 6s/6sS+), a metal case (unlike the plastic 5c), an NFC radio/Apple Pay support, and a camera similar to the iPhone 5s. 3D Touch support isn't expected.
Kuo thinks shipments will start in early 2016, potentially ahead of a March/April launch. He estimates the device will sell for $400-$500. The 6S and 6S+, respectively, start at $649 and $749 unsubsidized.