Philip Elmer-DeWitt reports for Fortune, “In a note to clients issued early Thursday, Piper Jaffray’s Gene Munster offered his estimated earnings per share under the new and old rules for fiscal years 2009 (which ends in two days) and 2010.”
• 2009 EPS: $8.21, up from $5.71 — a 43.8% increase
• 2010 EPS: $8.90, up from $6.00 — a 48% increase
“Apple wouldn’t be required to switch to the new accounting method until Dec. 2010, but Munster expects the company will start as soon as possible, probably with the new fiscal year that begins next week,” Elmer-DeWitt reports. “‘While this has been expected for the last month, we believe this will be a positive for shares of AAPL,’ he wrote, before raising his price target to $235 from $186.”
Much more in the full article here.