As high as the growth estimates for Apple’s iPhone are they are still too low according to Piper Jaffary analyst Gene Munster.

Munster figures that Apple could conceivably sell over 200 million iPhones in 2015. He says the launch of the CDMA iPhone has expanded the addressable market for iPhones in the U.S., China and India.

According to Munster Apple’s addressable market is about 1.7 billion subscribers due to distribution deals with a multitude of carriers worldwide. Munster wrote to clients:

“We believe Apple still has meaningful opportunity remaining to add to its addressable subscriber base… The recently added Verizon has over 90 million subs, and with the launch of the CDMA iPhone, Apple could add China Telecom, (also 90 million subs) and Indian carrier Reliance (110 million subs). We believe Apple could add China Telecom and/or Reliance to its list of carrier partners in CY11.”

Piper Jaffray’s 12 month price target for Apple stock is $483, which is the second highest projection. Ticonderoga Securities LLC analyst Brian White has a price target of $550.