First is that HP’s Enterprise segment is by itself potentially worth more than the entire company’s current market value–which is slightly south of $99 billion as I write.

Second, she sees the potential for HP’s enterprise operation to add $16 billion in incremental revenue over the next few years.

Third, Huberty sees sales of HP PCs and servers to businesses as about as good as they’re going to get. She puts it a little more diplomatically than that, saying “exposure to server and PC sales opportunities is at or near optimal levels in most accounts.”

But it’s her next point that gets my attention. Huberty says that the combined revenue opportunity for HP in storage, networking, services and software amounts to triple that in servers and PCs. She further estimates that the average corporate customer spends about $160 million on IT hardware, software and services. Of that, HP captures about 12.5 percent, but stands a good chance of boosting that to as much as 25 percent, which would put it on par with IT services giant IBM.

Doing it would require a significant shift in how HP does business, she says. “We believe HP will need to evolve its enterprise selling strategy from hardware-led to more services-led. This requires a meaningful cultural shift that could take several years, and likely face several road bumps.”

In a research note issued this morning, Huberty–noting that the iPhone’s market share grew 136 percent in France when Apple switched to multicarrier agreements there–said iPhone sales could more than double if the company took a similar tack in other countries.

“We expect Apple to broaden iPhone carrier distribution over the next two years and believe this opportunity is under-appreciated by the investment community,” she wrote. “This total opportunity is substantial–it adds up to an incremental 20.3M iPhone units and $3.76 in adjusted EPS, 100 percent and 41 percent of iPhone units and adjusted EPS respectively.”

Adding further details to her projections, Huberty continues: “In the top six iPhone markets that are still exclusive, we believe that Apple’s market share could rise to 10 percent, on average, in a multiple carrier distribution model from 4 percent today. These six markets represented almost 70 percent percent of iPhone shipments in C2Q09.”

Huberty also claims that if Apple (AAPL) were to end its exclusivity deal with AT&T (T) and add Verizon (VZ) as a second carrier, its share of the U.S. market would more than double, rising to 12.2 percent from 4.9 percent today.

Huberty, it should be noted, isn’t the first analyst to make such a claim. In June, Bernstein Research analyst Toni Sacconaghi said that a deal with Verizon could more than double U.S. iPhone sales in the near term. Said Sacconaghi: “Verizon’s postpaid subscriber base is not only larger than AT&T’s, but more importantly, is untapped whereas we estimate more than 10 percent of AT&T’s postpaid users already have an iPhone.”

Among those doing so today: Morgan Stanley’s Kathryn Huberty, who lifted hers to $180 from $105, arguing that iPhone demand through 2010 is being underestimated by the market and will help drive Apple’s stock value up. “We believe Apple is emerging as the clear leader in the battle over the mobile Internet,” Huberty wrote in a research note to clients, adding that some future pricing adjustments will only solidify that position. “We expect a price cut to the current generation iPhone to drive 50 percent to 100 percent (two million to four million units) incremental unit demand,” she said. “Our survey data suggests 15 percent plus of the iPhone installed base typically upgrade to a new phone.”

A bullish call, especially for Huberty, whose opinion of Apple has historically been mercurial at best. Shares of Apple (AAPL) rose five percent to $128.60 in early trading this morning.

Tempering Huberty’s exuberant pronouncements today is Global Equities Research analyst Trip Chowdhry, who tells Reuters that the iPhone will suffer a bit at the hands of the Palm (PALM) Pre, which is scheduled to arrive at market on June 6. “Investors should not think the upcoming version of iPhone 3 is going to be as successful as iPhone 2.0 because it will have solid competition from Palm Pre, developed by ex-Apple designer Jon Rubinstein,” Chowdhry said. “Palm Pre has a superior operating system than iPhone. It runs on a better network–Sprint CDMA-versus iPhone which runs on GSM.”

After a visit to Asia to assess the industry, a group of Morgan Stanley analysts led by Kathryn Huberty concluded that the PC market is worse than they initially thought. They lowered their estimate for 2009 and 2010 PC sales. Earlier, Ms. Huberty had predicted that global PC sales would drop 10 percent this year from last year; now, she’s estimating PC revenue to decline by 24 percent.

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