Apple Inc. (NASDAQ: AAPL) just managed to blow out its earnings estimates. Everyone seems to be cheering the overwhelming success after Apple sold some 74.5 million iPhones in the most recent quarter. The results were strong enough that the Wednesday early indications were far better than what we saw on Tuesday night after the news. Shares were indicated up 8% at $118.30 in the premarket, but they opened at $117.60.

24/7 Wall St. has created an analyst montage of all the calls it has seen. This will be updated throughout the day and week as the follow-on analyst calls come in on Wednesday, Thursday and Friday. The first thing to consider is the raw numbers reported by the company. We have our detailed earnings report and analysis, and here are several key bullet points:

• Apple posted $3.06 in earnings per share (EPS) and $74.6 billion in revenue, against Thomson Reuters consensus estimates for EPS of $2.60 and $67.69 billion in revenue. It showed 48% in EPS growth.
• Gross margin was above estimates at 39.9%.
• International sales were also much higher at 65% of revenues.
• Apple gave guidance of $52 billion to $55 billion in revenues and 38.5% to 39.5% in gross margin, versus a Thomson Reuters consensus estimate of $53.79 billion in revenue.
• The iPhone moved 74.5 million units for a total revenue of $51.18 billion.

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Bank of America Merrill Lynch reiterated its Buy rating and kept its price target at $130. The firm says that iPhone strength is impressive and that it is too early to worry about comparables. The firm believes that gross margin guidance of down 90 basis points sequentially at the midpoint, including 100 basis points of foreign exchange headwinds, and strong volume decline reinforces the Merrill Lynch thesis that the mix is gravitating strongly higher and will drive upside in revenues and gross margins.

Cantor Fitzgerald analyst Brian White reiterated his Buy rating, but he now has the Street-high price target after raising his to $160 from $143 after earnings.

Oppenheimer maintained its Outperform rating and $130 price target. The firm called it a juggernaut after it shattered heightened Street expectations. Its belief is intact that Apple’s ecosystem will drive share gain over OEMs focusing on specs. Oppenheimer also sees record numbers of new customers, Android switchers and growth in China as strong support for the stock. Oppenheimer raised its fiscal 2015 EPS estimate to $8.67 from $8.13, as well as raised 2016 to $9.07 from $8.95.

Wells Fargo has only a Market Perform rating on the stock but raised its valuation range to $105 to $115 from $100 to $110. The firm noted that Apple’s performance was a story of strong strategy and execution in its most important segment — iPhones. The firm said that the effect of raising the mid-tier iPhone to 64GB and leaving the low end at 16GB had a mix shift benefit that was underestimated. The firm’s caution is that Apple will have tougher comparable sales ahead and more of a reliance on upgrading the existing installed base versus concentrating carrier launches.

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Other key analyst calls in Apple were seen as follows (this is where the article has been updated):

Barclays reiterated its Overweight rating but raised its target price to $150 from $140, which puts it at the former Street-high target price.

BMO Capital Markets reiterated its Outperform rating and raised its target to $130 from $123.

Cowen maintained its Outperform rating but raised the target to $115 from $113.

Credit Suisse maintained its Outperform rating and $130 price target. The firm noted “stellar results” and it raised estimates to still being above consensus for 2015 and 2016, at $9.25 EPS and $10.04 EPS respectively. The firm sees at least $10 EPS power in 2016.

Canaccord Genuity had no massive changes but said that record iPhone sales were solid.

Deutsche Bank maintained its Hold rating but raised its target price to $110 from $102 after strong earnings.

Evercore reiterated its Buy rating and raised its target to $140 from $135.

Jefferies maintained a Hold rating but raised Apple’s price target to $124 from $120.

Monness Crespi & Hardt maintained its Buy rating and raised the target to $125 from $115.

Morningstar remains cautious, with a $100 fair value target. Despite admitting that the company blew out expectations, it is maintaining its thesis of having a wide economic moat.

RBC Capital Markets maintained its Outperform rating and raised its target price to $130 from $123.

S&P Capital IQ reiterated its Hold rating but raised the target to $125 from $110. The firm raised earnings estimates for 2015 and 2016. Still, it countered that strength from iPhone sales was challenged by iPad revenues falling 22% with lower average selling price.

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Carl Icahn, who is an activist rather than an analyst, called the gain an ad hoc short squeeze. Icahn said he was pleased with the performance, but a larger buyback should be a no brainer with a cash position of some $178 billion.

Again, we will update as more analyst calls are made and seen in the hours and days ahead.

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