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He is way off on Apple's forward PE. It's about 13.5 not 19.
Nov 13 09:30 am
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All Comments by peter02l »Risks Remain, But iPhone's Fundamentals Should Help Apple Surpass Expectations - RBC Analyst [View article]
What kind of math is he using here? "Mr. Abramsky expects Apple to sell 27.8 million units in fiscal 2010, down from 31.8 million, while yielding $46-billion (prior $46.6-billion)."
So a drop of 4 million units corresponds to a drop of only $600 million? So the last 4 million will be offered at $150 to AT&T? He doesn't mention a price per unit decline.