by , 9:20 AM EDT, July 20th, 2007

Piper Jaffray analyst Gene Munster has a rosy outlook for Apple thanks in part to iPhone-generated revenue. He expects iPhone revenue to add an additional US$2.49 to the calendar year 2009 EPS of $4.82, and as such is raising his target price for Apple stock from $160 to $205.

Mr. Munster is now modeling 45 million iPhones sold for calendar year 2009. "One thing we learned with the iPod is that when a device is game-changing, the demand will come," he said.

He also believes that AT&T is paying Apple $3 per month for every customer that has an iPhone contract, and $11 per month for new subscribers that have switched from other carriers. That will only add about $0.02 to Apple's EPS in 2007, but by 2009 that will jump to $0.58.

In addition to his new $205 target price, Mr. Munster is maintaining his "Outperform" rating for Apple's stock. APple is currently trading in the pre-market at $142.65, up 2.65 (1.89%).