Shares of Apple Inc. (NASDAQ: AAPL) rose on Friday after Piper Jaffray analyst Gene Munster raised his price target on the company to $205 per share from $160.

The analyst asserted that the company can sell 45 million iPhones through 2009, at an average price of $330.

Conversations with investors over the past month suggest awareness of potential for iPhone units is high, but awareness of potential resulting impact to earnings is low, Munster wrote. If Apple can sell 45m units in CY09, the earnings power and historical multiple ranges suggest our price target is reasonable.

Shares of apple rose $2.99, or 2.13 percent, to $142.99 in afternoon trading on the Nasdaq Stock Market.

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