Analyst: iPhone Sales to Hit 9.5M in June Quarter

iPhone sales will hit the 9.5 million mark in Apple’s June quarter, according to Piper Jaffray analyst Gene Munster, thanks to the popularity of the iPhone 4. Mr. Munster’s previous June quarter iPhone sales estimate was 8.5 million.

Thanks to AT&T’s move that extended the upgrade eligibility window to include iPhone activations between September 2008 and June 2009, even more current subscribers are likely to move up to the iPhone 4. About 62 percent of current iPhone owners plan to upgrade, and another 19 percent are considering upgrading, according to a Wall Street Journal poll Mr. Munster cites.

“These numbers imply that 5.2 million AT&T (subscribers) could upgrade to iPhone 4,” Mr. Munster said.

He added that AT&T could see 1.3 million iPhone4 upgrades in the June quarter, assuming 25 percent of planned upgrades happen when the iPhone 4 ships on June 24.

Apple began accepting pre-orders for the iPhone 4 on June 15, although the process led to frustration for many customers thanks to overloaded servers. The new iPhone model will be available on June 24 in several countries, and Apple plans to be shipping the combination iPod and smartphone in about 88 countries by September.

Mr. Munster raised his target price for Apple’s stock from US$330 to $348. Apple is currently trading at $271.65, up 4.40 (1.65%).

[Thanks to AppleInsider for the heads up.]