For the September 2009 fiscal year, the analyst cuts his revenue estimate to $38.86 billion from $40.45 billion; EPS (earnings per share) goes to $5.46 from $5.67. For the 2010 fiscal year, his revenue outlook drops to $50.08 billion, from $51.76 billion. Munster's profit estimate is now $7.73, down from $7.98. Munster knocked his $250 price target down to $235.

Apple has seen its Mac sales grow at approximately 2.5 times the industry average for the better part of this year, but that rate is likely to contract to approximately 2 times the industry average next year, the analyst says.

Munster continues to expect Macs to gain share in 2009, but with the overall personal computer market growth shrinking, he cut his 2009 Mac growth forecast to 10 percent, from 16 percent. He adds that the company’s Mac and iPod businesses “will be particularly impacted by the domestic rate of savings, which believe will increase in 2009, putting pressure on discretionary spending.”

Munster adds that he also expects “continued challenges in the credit markets” in 2009, “which negatively impacts some of Apple’s larger customers (education, small businesses and government) in terms of larger Mac purchases.”