Apple's second-gen SE will resemble iPhone 8: report

Ming-Chi Kuo predicts that Apple's second-generation iPhone SE -- donning the same 4.7-inch screen as the iPhone 8 -- will launch during the first quarter of 2020.

In a note viewed by CNBC on Thursday, the notable and highly reliable Apple analyst Ming-Chi Kuo reportedly predicted that the iPhone SE2 will launch in early 2020 with an iPhone 8-like form and the same processor found in the iPhone 11 series.

Despite retaining the design -- and 4.7-inch screen -- of a model released in 2017, Ming states that the upcoming SE "will be the best upgrade choice" for iPhone 6 users.

Compared to the original SE which had a 4-inch screen and was powered by an A11 processor, the SE2 will use the A13 Bionic Chip, Apple's most recent and most advanced processor, which is currently powering the entire flagship lineup.

As the company's budget option, users will have to accept some hardware compromises considering that it will feature top-of-the-line software; the cameras are expected to be less powerful, and a home button will be present in place of an in-screen fingerprint sensor.

Thanks to its flagship computing power, Ming predicts that the SE2 will be "a key growth driver for Apple in 2020."

The first-gen SE cost owners $399 while the iPhone 8 was priced at $449; therefore, the iPhone SE2 will likely fall similarly between $400 and $450.

According to the analyst, the iPhone SE2 will launch during the first quarter of next year.