I don't think you'll see this kind of predicted growth in the U.S., but maybe in China and if markets open up in India. I think his projections are based on a false assumption: that people will upgrade every year. I think after a while, especially if future improvements are incremental, tedium will set in and people will be more likely to upgrade every three or even four years than every year. This will be especially true of the economic problems in Europe are not resolved, although Apple has done incredibly well during the recession.
It's a good discussion. I take analysts predictions like this as merely a "what if" scenario. I will use the numbers quarter by quarter to see if they track on this trajectory. Nevertheless, a huge part of the valuation in the future will rely in the further growth outlook at that time. Even if Apple hits all of Zaky's sales and earnings milestones, the perception of future growth will have a significant impact then. We also have the complexity of Apple beginning to distribute earnings through dividends.