I disagree. I think the range is about right. @ $80 that would give a P/E of 12.44 which isn't even that low by Apple's standards. But need to take into consideration that this quarter will be a blowout so the EPS will be higher, which would make the P/E in the region of about 10.5. Which is about where I would personally position my downside guidance.
It's a different story than in 2006. There are so many amazing graphics apps out there now, that Adobe will be forced to recode or die. They have lost me as a customer completely, why use bloatware with god awful UI when there are so many sleek alternatives.