As Apple (AAPL) shares flirt with $200 apparently, an important “psychological” level Barclay’s Capital analyst Ben Reitzes this morning writes that the stock is attractive at roughly 26 times his projected fiscal 2010 (ending September) profit projection of $7.55 per share. Reitzes has an “Overweight” rating on the shares and a price target of $235.

Reitzes says a two-week delay on Apple’s Web site to ship its iMac reflects not only a graphics chip issue with the machines, as previously reported, but also stronger-than-expected demand. He thinks his estimate for Mac sales units to rise 22% this quarter could be low. Also, recent data from research firm NPD show Apple selling more of its higher priced iPod Touch among total iPod sales, which could mean a 10% decline in revenue on a 5% drop in iPod units this quarter is also too pessimistic, Reitzes writes.

Reitzes doesn’t comment on a WSJ story late yesterday by Sam Schechner and Yukari Iwatani Kane saying CBS (CBS) and Disney (DIS) are considering putting subscription-based television programming on Apple’s Apple TV product. Schechner and Kane cite anonymous sources.