Piper Jaffray on Friday hiked its price target on shares of consumer electronics maker Apple Inc. to $205, explaining that a newly developed model for booked iPhone revenues reveals substantial upside to his 2009 calendar year earnings estimates.

"In 12 months, shares of Apple will be trading on calendar year 2009 (CY09) numbers and therefore we are using CY09 numbers to set our 12 month price target," analyst Gene Munster told clients. "While it is early to be using '09 numbers, we believe that as '09 comes into focus, investors will start to put numbers around Apple's booked revenue metric."

Munster's published CY09 per-share earnings estimate currently sits at $4.82, but the inclusion of both the booked revenue methodology and ATT revenue share would bump that guesstimate to $7.31 per share, he said.

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