Piper Jaffray analyst Gene Munster has raised his price target for Apple stock from $186 to $235, basing the decision on newly-adopted GAAP accounting rules. While the change has been anticipated since earlier this month, Munster points out new details, such as discrepancies between accounting requirements and the flow of real iPhone revenue. While 90 percent of an iPhone's value is said to be generated at the time of sale, Apple was previously limited to recognizing 12.5 percent of each sale in its GAAP ledgers.
