by , 1:15 PM EDT, May 6th, 2008

Shebly Seyrafi with Caris & Co. raised his EPS estimates for Apple (AAPL) on Tuesday based in upwardly revised estimates for Macintosh and iPhone sales in 2008 and 2009.

Mr. Seyrafi raised his FY08 estimate of Mac sales from 9.6 million to 10 million. For 2009, his number was raised from 12 to 12.9 million.

For the iPhone, his estimate of iPhones sales in FY08 year was raised from 10 million to 10.2 million and in 2009 from 16.6 to 17.9 million.

In FY08 Earnings per Share (EPS), Mr. Seyrafi revised his estimate from US$5.21 up to $5.35. For FY09, from $5.79 to $6.32.

The analyst raised his target price from US$175 to $200 and maintained his Above Average Rating. In early afternoon trading, AAPL is at $185.80, + $1.07