Apple posted US$15.68 billion in revenue and $3.38 billion in profit for its first fiscal quarter of 2010, and Broadpoint AmTech analyst Brian Marshall thinks there's still room for the Mac and iPhone maker to grow.

"Post the analysis of the accounting change (from GAAP to pro forma), we believe the Apple thesis is getting stronger by the day witnessed by solid revenue, margins and product trends," Mr. Marshall said.

Apple's Q1 results were the best in the company's history, and also marked the first quarter the company dropped subscription accounting for the iPhone and Apple TV in favor of an accounting model that lets the company record sales in the quarter they happen instead of spreading them out over 24 months.

Looking forward, Mr. Marshall is projecting $11.7 billion in revenue and $2.08 EPS, up from Apple's $11.0 to $11.4 billion and $2.06 to $2.18 EPS guidance. He is also raising his calendar year projections from $53.5 billion in revenue and $11.75 EPS to $55.7 billion and $12 EPS.

"In our view, Apple is the best technology company on the planet with numerous catalysts on the horizon (e.g. international iPhone ramp, tablet launch, etc.) and no business model issues," he said.

Mr. Marshall is maintaining his "Buy" rating and raising his target price for Apple's stock from $260 up to $264. Apple is currently trading at 26.16, up03.09 (1.52%).