"Apple’s recent investment of $3.9 billion in components is likely for device displays ranging from the iPhone to the 27-inch iMac, and could signal Apple’s intention to build a television set up to 50 inches in size, investment firm Piper Jaffray believes."

So begins a report by Neil Hughes at Apple Insider.

The article quotes Piper analyst Gene Munster as saying, "While Apple’s commitment to the living room remains a ‘hobby,’ we continue to believe the company will enter the TV market with a full focus, as an all-in-one Apple television could move the needle when connected TVs proliferate,"

The story then says that Munster "estimates that 220 million flat panel TVs will be sold in 2012, and 48 percent of those — or 106 million — will be Internet-connected. He sees Apple potentially selling 1.4 million units in 2012, which would add $2.5 billion in revenue, or 2 percent, to the company’s bottom line."

Finally, the article says that Munster, "sees the TV business for Apple growing to 4 billion in revenue in calendar year 2013, and 6 billion in 2014. He said Apple’s component investment, believed to be in displays, could allow Apple to procure screen sizes up to 50 inches."