An analyst has reignited rumours claiming Apple could launch its own mobile phone handset.

Piper Jaffray analyst Gene Munster stoked the flame last week, issuing an 'outperform' assessment on Apple stock on the strength of "continued iPod and Mac innovations and a possible iPhone in the next 12 to 18 months", according to Forbes.

He does describe his prediction as a hypothesis, mentioning a dearth of hints from the company.

"We believe Apple has a foundation in place to be the hub for consumer digital media," he said.

His new target price is $68.