Apple will sell nine million Verizon iPhones in 2011, Piper Jaffray analyst Gene Munster told clients a note, as reported by “Business Insider” (http://www.businessinsider.com/apple-will-sell-9-million-verizon-iphones-next-year-says-gene-munster-but-he-hints-it-could-be-double-that-2010-12).

What’s more, he says that estimate may be conservation. Munster thinks that Apple could sell closer to 20 million iPhones at Verizon next year.

The analyst thinks Verizon will activate 25 million smartphones next year. His estimate of nine million would only represent 36% of all activations for the year. Note that there’s been no official word on if or when Verizon will carry the iPhone.