Apple (AAPL) shared some of its iPhone strategy with an analyst, giving hints that new models are in the works.

Based on a discussion with Apple iPod and iPhone product chief Greg Joswiak, RBC analyst Mike Abramsky issued a note Tuesday that attempted to draw a roadmap on where the popular iPhone is headed next.

Though Apple did not provide RBC any specific product plans, Abramsky suspects Apple will stick to its product development style by offering new models with greater memory and more features.

Abramsky sees two possible additions to the iPhone family: a cheaper $349 to $399 model possibly by Christmas, and a faster 3G phone sometime next year. iPhones on sale now sell for $499 to $599, depending on memory size.

The speculation around new phones comes as rumors circulated Tuesday about possible iPhone production cuts at Apple.

Apple did not respond Tuesday to requests for comment.

Bears saw the rumor as signs of flagging demand for the trendy iPhone. Fears to that effect built last week, after telco partner AT&T ( T) posted a smaller-than-expected iPhone activiation number and rival Verizon ( VZ) said it had reversed a brief user-loss trend.

But some Apple fans viewed the rumor as a potential sign that the company was shifting production to new models.

Apple shares fell $3.75 to $128.01 early Wednesday.

Want more? Check out TheStreet.com TV video.Scott Moritz clears the air.

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