Apple’s blockbuster quarter: What the analysts are saying by Philip Elmer-DeWitt @FortuneMagazine April 27, 2015, 7:36 PM EDT E-mail Tweet Facebook Google Plus Linkedin Share icons Amit Daryanani, RBC: Impressive Beat. “AAPL Mar-qtr results came in materially ahead of consensus and buyside expectations driven by robust iPhone demand (61M units) and gross-margin upside (40.8% vs. expectation of 39.5%). Overall revenues/EPS came in at $58B/2.233 vs. street at $56.1B and $2.16. AAPL announced a $200B capital allocation program that it intends to use by March-2017 (three year program). Apple increased their dividend by 11% to ~$2.10/annually.” Outperform. $142. Daniel Ives, FBR: How about Them Apples? “We believe this 60 million+ iPhone number is a ‘home run’ and will be cheered by the Street as this remains the ‘bread and butter’ of Apple. To this point, we believe screen size and updated features (e.g., Apple Pay) are driving robust demand for the most recent iPhone, a tailwind that should lengthen the runway of this product cycle.” Buy. $185. Brian White, Cantor Fitzgerald: Another Big Quarter and Plenty to Look Forward To… “Given the strength of this iPhone cycle, expanded cash distribution, and entry into the first new product category in five years with Apple Watch, we believe Apple remains early in this transformational cycle.” Buy. $180. Aaron Rakers, Stifel: What we think matters most. “1. iPhone shipments at 61.2M. 2. Solid GM% at 40.8% vs. 38.5-39.5% guide. 3. Momentum in greater China — revenue at $16.823B, or +71% yr/yr. 4. Company announces $200B capital return target by March 2017. 5. Free cash flow at $16.712B or $2.86/share. 6. Apple Watch – comments on initial orders and production ramp, as well as any thoughts (qualitative) on GM% will be in focus.” Buy. $150. Abhey Lamba, Mizuho: F3Q15 guidance indicates significant deceleration in iPhone sales. Management guided F3Q15 revenues to be in the $46-48bn range while gross margin is expected to be between 38.5-39.5% (down 230bps to down 130bps sequentially). This compares with consensus of $46.9bn and 39.0%, respectively. The outlook likely includes about $2bn from Watch sales, which likely implies significant deceleration in iPhone unit sales. We wait for management’s commentary on assumptions behind the outlook. Neutral. $115. More as they come in. Follow Philip Elmer-DeWitt on Twitter at @philiped. Read his Apple AAPL coverage at fortune.com/ped or subscribe via his RSS feed.