iPhone SE generating low traffic at Apple Stores, in line with predictions, analyst says

A survey of 100 outlets found 90 percent availability for the 16-gigabyte space gray model, said Piper Jaffray analyst Gene Munster. Munster's team also did "spot checks" for the device's other colors in 25 stores, which showed approximately the same levels of inventory.

Apple's online store is offering delivery times between April 6 and 8 in the U.S., Munster added. In China, deliveries are only arriving between April 11 and 14, but both countries effectively have a 5-10 business day window.

"We view both the lack of lines and the high level of product availability as in line with expectations, reinforcing our view that the SE will be largely incremental to the model in replacing the low-end iPhone 5s," Munster said.

Although it was the centerpiece of Apple's March 21 press event, the SE isn't believed to be a flagship iPhone. That honor will probably go to the so-called "iPhone 7" and "iPhone 7 Plus," which should ship sometime this fall, most likely in September.