Rumors indicate that Apple will host an event this March to introduce new iPhones - an iPhone 7 in Red and a higher capacity iPhone SE that will boast of 128GB internal memory. With the latter rolling out soon, the chance is high that SE in 64GB and 16GB storage configurations will be discounted.

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This was hinted by the memo obtained by MacRumors in which giant retailer Target ordered the return of existing iPhone SE stocks to Apple. The affected items are unlocked SEs and those with Sprint SIM, all in color options of Gold, Rose Gold, Silver and Space Gray, the report said.

While there was no accompanying explanation on the SE stocks return, it can be assumed that the product recall has something to do with the reported Apple product introductions to happen this month. Report said the iPhone SE will not get a sequel this 2017 but users can look forward for a storage bump or a third model of the 4-inch handset that will double the size of the 64GB edition.

It's likely that Apple will release a 128GB iPhone SE and then reconfigure the existing models. One possibility is the discontinuation of the 16GB model with the tech giant focusing on the 64GB and the upcoming 128GB variant.

Then there will be price adjustments, which WCCFTech said is a normal occurrence every time Apple gets to unpack a new device model.

The scenario could be that Apple will sell the 128GB iPhone SE at $499 and the 64GB model at $399, which was the introductory price of the 16GB edition. Or the company can also opt to retain the 16GB SE and sell it at a significantly reduced sticker price.

The latter will then serve as the budget-friendly iPhone, which its maker hopes would still attract buyers considering the device's powerful specs despite its compact size. Packed inside the SE is the same processing chip that fires up the iPhone 6S with the same 2GB of RAM provision.

And the iPhone SE boasts of iOS support that could last up to five years, thereby extending the handset's lifecycle.

Speculations are rife that alongside the Red iPhone 7 and 128GB iPhone SE introductions this March, Apple will also unveil the new iPad Pros in four screen sizes - 7.9-inch, 9.7-inch, 10.5-inch and 12.9-inch - but the actual release date will not happen until May or June this 2017.