Cingular retail stores are already experiencing a slow down in sales of their high-end handsets ahead of iPhone, according to investment research firm PiperJaffray, which on Thursday raised its price target on shares of Apple to a new high of $140.

“We believe that the iPhone will benefit from this pent-up demand,” analyst Gene Munster told Apple investors after conferring with fellow analyst Mike Walkley, who covers the mobile space for PiperJaffray.

Munster’s checks reveal a robust market for high-end handsets in the above-$300 range. For instance, he said Nokia’s N95 model is selling extremely well in Europe for €450 (over $600 US), where Apple remains on track to launch iPhone later this year.

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