Apple (AAPL): iPhone Sales Could Exceed 25% of Apple's Revenue in 2009

Good news for Apple (AAPL) fans. In 2009, iPhone sales should start to become material to the company’s overall financial performance — possibly very material.

Morgan Stanley expects iPhone sales to at least double in 2009, to 27 million units. At $200 a phone, that’s $5 billion of revenue. Despite the recent price cuts, Morgan Stanley uses an average unit price of $550 per phone. This seems far too high to us, but 27 million units at this price would yield almost $15 billion of revenue.

Apple’s overall revenue in 2009 is expected to be just north of $40 billion. Using these figures, iPhone sales would account for 12% to 35% of that.

Morgan Stanley has raised its AAPL price target to $210. If Apple sells $15 billion-worth of iPhones next year, this should be a slam dunk.

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