Piper Jaffray this morning issued a $205 per share assessment on Apple stock.

The analyst firm says it has developed a new model for rating the stock that includes iPhone revenue and money earned in future quarters from Apple's revenue sharing with AT&T.

Piper Jaffray believes Apple is making $3 per iPhone subscriber per month on the deal, with an additional one-off payment of $8 per subscriber switching to AT&T from another network.

This seems set to be a sweet deal as the iPhone appears on track to become one of the most successful product launches of all time.

As reported by Seeking Alpha, Piper Jaffray's estimates are based on Apple being able to sell 45 million iPhones in 2009, the analysts note that the long-term price target has little to do with sales in 2007 and 2008.