Analysts at JMP Securities last night raised their estimates on Apple stock.

The analysts rate Apple as "market outperform" with a revised target price of $125 per share.

They expect Apple to report $5.523 billion in revenue for its third quarter, which the company will disclose tomorrow. They also predict that iPhone sales will be "significantly ahead" of the 100,000 units they had expected the company to sell in the first two days of its quarter.

As reported by Reuters, Deutsche Bank analyst Chris Whitmore stressed the importance of the iPhone launch: "Perhaps the most significant catalyst from the report will be feedback regarding initial iPhone demand," he said. "We believe initial iPhone demand is very robust."

As has been widely reported, Piper Jaffray has issued the most bullish predictions, raising its target price on Apple's stock to $205 per share, up from $160, predicting 45 million sales in 2009.

Piper Jaffray analyst Gene Munster observed: "One thing we learned with the iPod is that when a device is game-changing, the demand will come. However, it is difficult to predict the inflection point," when a product moves beyond niche appeal to widespread market success, Munster said.