The Apple iPhone rumor, is still alive and kicking hard, the latest injection comes from Gene Munster of Piper Jaffray. Gene Munster raised his price target on Apple Computer in anticipation of continued iPod and Mac innovations and a possible "iPhone" in the next 12 to 18 months reports Forbes Magazine

"Despite a lack of hints from the company, we believe it is useful to hypothesize on new initiatives Apple may have in the works and take a look at which initiatives, if any, make sense for the company," said Munster. "We believe Apple has a foundation in place to be the hub for consumer digital media."

Munster predicts Apple will launch an Apple-branded "iPhone" with iTunes capabilites, and, five years down the line, a terabyte iPod that will offer massive storage and wireless capabilities and become a "portable coffee-table media center."