Going into the Apple event set for March 21st 2016 investors have to watch out for the upcoming iPhone 5se, which stands for iPhone 5 special edition. Analysts are starting to get more incrementally positive on the company, but then again, you have to grasp onto anything at this point. I believe a smaller form factor iPhone will flop unless if pricing is targeted at the $400 to $450 category. Here's what RBC Capital mentions in a report released on Friday:Expectations on iPhone SE: 1) The 4" device will have a metal alloy casing (5c was plastic) but come in multiple colors. 2) We don’t think the device will have ForceTouch. 3) Our understanding is majority of EMS and casings allocations are with FIH (JBL implication). 4) Units: We think production could be minimal (sub 20M units for Year-1); as reference, we estimate AAPL sold ~25M units in Sep/Dec-qtrs of 2013 right after 5c launch. 5) ASPs: Unclear to us what the pricing would be, but assuming it sticks to $549 ASP (iPhone 5c) and sells 15–20M units in CY16, this would impede blended ASP by $11 to $14 for CY16. 6) Gross margins: iPhone 5c bill of material analysis showed gross margins comparable to 5s (flagship at that point). This time, assuming lower memory configurations and metal casings, margins could be modestly muted. RBC anticipates that the unit shipments will hit 15-20 million, I don’t think those units are going to be very incremental, but it does mitigate some of the weakness we have witnessed in iPhone shipments following Q2’16 results. Investors should still be hesitant here, because there’s not a whole lot of positive catalysts to work off if going into Q3’16 results. The story starts to get a lot more interesting as we inch closer to the September months, but that’s still 6-months away. Sentiment tends to shift pretty drastically on this stock and rumors don’t always materialize into confirmed release schedules for products. As such, investors would be better served avoiding the March 21st event altogether. However, I would say that following the event the stock will likely give back some of its recent gains. Traders could capitalize on the stock, as simple buy and hold doesn’t work this year. Moving in and out of the stock on frothy events could be fairly profitable, as the stocks tends to drop after a product release or after reporting earnings. The momentum crowd jumps in ahead of major announcements and not prior to.