Apple’s blockbuster quarter: What the analysts are saying – updating by Philip Elmer-DeWitt @FortuneMagazine April 27, 2015, 7:36 PM EDT E-mail Tweet Facebook Google Plus Linkedin Share icons Katy Huberty, Morgan Stanley: iPhone the Main Attraction with More to Come. “iPhone grew strong double-digits in most regions, led by China where total revenue increased 71% Y/Y and the company talked about penetration into the mid-market. iPhone also grew double-digits in the Americas and Europe, where revenue growth increased at least 20% at constant currency, roughly in-line with December quarter trends. The two regions that underperformed – Russia and Japan – did so for well understood reasons. Japan growth is expected to recover on easier compares starting in the June quarter.” Overweight. Raising price target to $166 from $160. Daniel Ives, FBR: Apple Delivers Picasso-Like Quarter. “Coupled with a good June outlook, Apple announced a massive expansion (we believe better than Street expectations) to its capital return program, a solid “one-two punch” that Apple bulls were hoping for, in our view, as the white hot iPhone 6 product cycle continues to help boost the company’s coffers (along with a debt raise in F2Q) and should enable enhancing shareholder value strategies.” Outperform. $185. Gene Munster, Piper Jaffray: Guide Suggests iPhone Share Gains Will Continue. “Overall, our thinking on the story is largely unchanged. We believe iPhone 6/6+ is well positioned to gain share (sold 61.2m vs. Street at 57m) in the back half of 2015 and will cause Street numbers to slightly increase and move shares of AAPL higher. We are less concerned about tough comps given investors who have been recently buying AAPL shares (stock up 22% YTD) have been aware of the comps. iPads are still weak, driven by cannibalization from the iPhone and Macbooks. The capital return program was $200B, ahead of our ~ $170B expectation. Overweight. Raising price target to $162 from $160 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.” Outperform. $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.