Apple Inc. (NASDAQ: AAPL) recently released its earnings and had a strong beat against estimates. While we have yet to see much on formal upgrades in Buy ratings, several very influential Wall Street analysts have increased how they are valuing Apple and the upside in the stock ahead. Most of the analysts made these evaluations looking forward based on the strong iPhone 6 sales that Apple reported.

Apple reported its earnings Monday after the market closed as $1.42 in earnings per share and $42.1 billion in revenue, against Thomson Reuters consensus estimates of $1.31 in earnings per share and $39.85 billion in revenue. In the same quarter of the previous year, it recorded earnings as $1.18 per share on $37.47 billion in revenue.

24/7 Wall St. has decided to take a look at what the analysts are saying. These analyst summaries include the changes in price targets and in the revenue or earnings upside in Apple. We have five analyst calls with more detail, and four more very brief summaries with price target hikes.

Wells Fargo maintained its Market Perform rating, but raised its valuation range to $92.00 to $102.00 from the previous range of $89.00 to $99.00.

The Wells Fargo call was based on 13 to 14 times expected 2015 earnings. Wells Fargo estimates that Apple will have a gross margin of 37.5% to 38.5%, which implies a decline in the iPhone gross margin. The firm believes this is realistic due to accounting, currency and switching manufacturing lines. Wells Fargo also believes that the addition of Beats will add around $0.05 per share to December results.

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Credit Suisse maintained its Neutral rating and $110 price target.

The firm has an earnings per share estimate for fiscal year 2015 of $8.28 and an estimate for 2016 as well at $8.05.

Credit Suisse had this to say about earnings and the iPhone 6:

Volume backlogs. iPhone units were stronger than expected in September at 39.3mn units, up 12% quarter over quarter, up 16% year over year, and going forward management noted that the iPhone 6/6 Plus had driven meaningful growth in all countries where it had been launched.

Oppenheimer maintained a rating of Outperform with a $115 price target.

The firm raised the estimates for the 2015 fiscal year to $7.36 in earnings per share from $7.31, and $208.7 billion in revenue from $208.1 billion. Oppenheimer believes the earnings were the result of stronger-than-expected iPhone and Mac sales. iPhone 6 and 6 Plus supply has been the strongest in iPhone history but is still a shortage thus far.

Merrill Lynch reiterated a Buy rating for Apple with a $120 price target.

Merrill Lynch moved up its estimates for 2015 to $7.97 in earnings per share from $7.86, and $221 billion in revenue from $220 billion. Merrill Lynch expected gross margin guidance to be flat versus a typical decline associated with the launch of new form factor products. It in fact reinforces the firm’s thesis that the mix is gravitating strongly higher and should drive upside in revenues and gross margins. Apple CEO Tim Cook noted that there was significant demand over a longer time frame from the first-time iPhone buyers and from Android users converting to Apple.

Canaccord Genuity reiterated a Buy rating with a price target of $120, up from $115.

The firm raised its earnings per share estimates for 2015 to $8.00 from $7.77 and for 2016 estimates increased to $8.50 from $8.19. These estimates were driven by stronger iPhone sales of 39.3 million units at $606 ASP versus Canaccord’s above consensus estimate of 37.7 million units at $574 ASP. Canaccord expects Apple’s sales guidance to be in the range of $63.5 billion to $66.5 billion for the December quarter. The firm puts the guidance in that range because it believes that Apple will be adversely affected by the strong dollar and iPhone demand being well over Apple’s ability to supply.

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Several other key analyst calls have been made as well. These do not have the in-depth summaries, but price target changes have been listed as follows:

• BMO Capital Markets maintained its Outperform rating but raised the target to $113 from $110.
• Cowen maintained its Outperform rating but raised the target to $113 from $110.
• Morgan Stanley maintained its Overweight rating but raised the target to $115 from $110.
• Mizuho maintained its Buy rating but raised the target to $115 from $110.

Apple shares were up 2.3% at $102.06 shortly before the noon hour on Tuesday, against a 52-week trading range of $70.51 to $103.74. It has a market cap of over $610 billion.

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