NO, the $2.17 is based on 57 million shares outstanding, which is his estimate of shares outstanding in the year 2007. In my opinion this guy's price target should be totally disregarded until he discloses the assumptions he uses to derive his NPV figures. Without that disclosure, there is no way for us to analyze or even intelligently discuss his price target.
DISCLAIMER: NEVER ASSUME INFO ON MESSAGE BOARDS TO BE ACCURATE. ALWAYS DO YOUR OWN DUE DILIGENCE. DON'T BUY STOCK BASED ON THIS POST OR ANY OTHER POST. I OWN A LONG POSITION IN THIS STOCK AND THEREFORE I AM BIASED.