Piper Jaffray analyst Gene Munster has raised his price target for Apple stock, adjusting it from $670 to $710 on the basis of improved expectations for the tablet and smartphone markets. In terms of smartphones, for instance, Munster sees Apple selling 189 million iPhones in an overall market of 804.6 million units. That translates into a 23 percent share, higher than the 20 percent figure Munster was previously calling for. A long-term prediction calls for Apple to take a third of the market by 2015, amounting to 385 million iPhones.
