Originally published July 21, 2007 at 12:00 AM | Page modified July 21, 2007 at 2:02 AM

Apple's forecast: shower of iPhones

Apple's share-price forecast was boosted by 28 percent at Piper Jaffray, which said the iPhone could see a "tidal wave" of demand in two...

By Eric Martin

Bloomberg News

Apple's share-price forecast was boosted by 28 percent at Piper Jaffray, which said the iPhone could see a "tidal wave" of demand in two years' time.

Analyst Gene Munster said that he expects Apple to sell 45 million iPhones in 2009 and that its revenue may "spike" that year because of the way the company books revenue for the device.

"One thing we learned with the iPod is that when a device is game-changing, the demand will come," Munster wrote in a note to clients. "If Apple can sell 45 million units in 2009, the earnings power and historical multiple ranges suggest our price target is reasonable."

Munster increased his share-price estimate for Apple to $205 from $160 and kept an "outperform" rating on the stock. Apple shares have advanced 131 percent in the past year, the fifth-best performance in the Nasdaq 100 Index.

Apple shares gained $3.75 to close Friday at $143.75.

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