Originally Posted by SpamSandwich
The stock may eventually hit these projected numbers, but it will be due to the rapid decrease in the value of the dollar.
This is an interesting point. During much of the 2000s, the (real) depreciation of the US$ against major foreign currencies had a favorable impact on Apple's reported earnings because of the increasingly substantial export income. Stock prices of many companies in the tech sector (e.g., Intel IBM, HP, MSFT) were helped along by this.
In the past few months - mostly since the beginning of the Greek crisis - the US$ has appreciated
substantially (again, in real terms). This will impact Apple's reported earnings negatively, at least in the short run and perhaps through much of 2010. By how much, is impossible to say.
So, yes, it will probably take another bout of US$ depreciation to make the dollar-denominated earnings numbers look even better!