Analyst predicts large potential iPhone market

As the WWDC approaches, excitement for the 3G iPhone builds, and industry analysts predict that Apple will have many new potential users with current and future carriers. Barron's Online writes that Pacific Crest's Andy Hargreaves on Tuesday offered his take on the whole situation. Hargreaves notes that the carriers with which Apple has agreements have grown in subscriber base to 669 million people, an increase of 520 million in just the last month.

Hargreaves sees total global handset sales reaching 1.27 billion units this year, and 1.37 billion the next, while smartphones will account for 61 million and 81.3 million units respectively. Of the aforementioned numbers, Hargreaves estimates Apple will take 17.2-percent of this year's sales, and 18.8-percent the following year, which would bring Apple to 10.5 million units by the end of 2008, and 15.3 million in 2009

Among the driving forces for these numbers are Apple's push into corporate interests and the SDK, as well as a large number of new potential buyers in China, Russia, and Japan.

Based on this information, Hargreaves maintains an Outperform rating, with a $225 target price for Apple's stock.