RBC Capital analyst Mike Abramsky told clients in a note — as reported by “AppleInsider” (http://www.appleinsider.com) — that, after a meeting with two of Apple’s top executives, RBC Capital Markets, the company’s primary requirement for launching a lower-end iPhone is whether the handset would provide an “innovative, category-killer experience.”

Abramsky recently met with Apple Chief Operating Officer Tim Cook and Chief Financial Officer Peter Oppenheimer. “Apple’s primary criterion for launching a lower-end iPhone is an innovative, category-killer experience,” he says.

Abramsky also noted that iCloud is expected to be ready for “significant scale,” with Apple having learned its lesson from the MobileMe service. RBC maintains a price target of $500 for shares of Apple stock, reiterating its Outperform rating for the company.