On Silicon Alley Insider's new Clusterstock site, Henry Blodget has a post that should make some Apple shareholders very happy. Citing a Morgan Stanley report, Blodget said that the iPhone may well account for more than a quarter of Apple's 2009 revenue.

Morgan Stanley forecasts have Apple selling upwards of 27 million iPhones in 2009. Using the non-subsidized price of $550 per unit, the Wall Street firm estimates revenues from the phone of nearly $15 billion for the year. Forecasts put Apple's 2009 revenue a bit above $40 billion.

Taking into account the fact that 3G iPhone purchasers can get the thing for as little as $199, Blodget puts the iPhone at somewhere between 12% to 35% of the company's '09 sales.

Not bad for a new entrant in the smartphone biz.