Bernstein Research analyst Toni Sacconaghi told clients in a note that he thinks that iPhone revenues will grow from about 30% of Apple revenue in 2009 to 45%-50% in fiscal year (FY) 2011.

As reported by "Barron's" (http://blogs.barrons.com/techtraderdaily/2010/02/24/apple-bernstein-ups-...), he estimates that iPhone gross margins were 58% in ‘09, well above the company average of 40.9%. If you assume flat iPhone gross margins and ASPs, corporate gross margins would lift by 400-500 basis points, Sacconaghi says.

He expects iPhone sales to hit 45-50 million units in FY 2011, up from 20.7 million in FY 2009, and 8.7 million in FY Q1 2010. The analyst also expects big things from the iPad. He forecasts sales of 2.2 million units in FY 2010, and 6.8 million in FY 2011.