by , 10:35 AM EDT, June 7th, 2007

Following a report from Piper Jaffray analyst Gene Munster that estimates Apple will sell 45 million iPhones in 2009 Apple's already climbing stock shot up over US$126 a share. AAPL closed on Wednesday at $123.64 and climbed during pre-market trading to open on Thursday at $125.

Underscoring his ongoing belief in Apple's growth potential, Mr. Munster raised his target price from $140 to $160. He estimated that Apple will show a 25 percent revenue growth for 2007, 29 percent for 2008, and 43 percent in 2009.

Using Apple's ratable system that spreads the revenue from iPhone and Apple TV sales over a 24 month period, the revenue growth numbers translate to a 17 percent grown on 2007 and 2008, and a 19 percent growth in 2009.

Even though Apple will track iPhone sales with the more conservative ratable system, analysts are more likely to pay attention to the "booked" sales numbers that show a more dramatic change in numbers.

Other analysts are expecting Apple to fare well with its combination iPod and smartphone. TheStreet.com reports that Mad Money's Jim Cramer called AAPL one of his new "four horsemen" stocks, and said that it is an "aspirational brand."

He added that Apple has dominated the MP3 player market with the iPod, and that moving into the mobile phone market is a "genius move."

Apple is currently trading at $126.90, up 3.26 (2.64%).