10 Million iPhones: What the Apple analysts are saying by Philip Elmer-DeWitt @FortuneMagazine 12:18 PM EDT E-mail Tweet Facebook Google Plus Linkedin Share icons Amit Daryanani, RBC: Positive momentum into Dec-qtr. “This morning Apple announced that it has sold 10M+ iPhone 6 and iPhone 6+ models to set a new weekend sales record… We think this is an impressive number given 1) supply constraints, 2) lack of China… Furthermore, this number is truly a “sell thru” number vs. last product cycle where the number was inflated due to channel fill (9.3M 5s/5c number, included ~3M of 5c channel fill). Hence, we think iPhone sales could remain robust in Dec-qtr and potentially through March-qtr given channel fill and possible inclusion of China.” Rating: Outperform. Target price: $114. Gene Munster, Piper Jaffray: Parsing The 10 Million Opening Weekend Number. “We believe the 10 million number implies sell-through greater than our expectation for 6.5 million based on a few factors. First, we note that our checks of iPhone 6 and 6 Plus availability on Saturday and Sunday indicated that while 6 Plus units were significantly constrained, there appeared to be a healthy supply of 6 units available. Thus we believe there is some channel fill given relatively better availability of the 6 compared to the 5S (essentially unavailable) last year. While it is difficult to determine what sell-through is vs channel fill in the 10 million number, we believe that sell-through could be around 8 million vs 2 million in channel fill. We believe this would imply 45% y/y growth vs our 5.5 million 5S sell-through estimate from last year.” Overweight. $120. Toni Sacconaghi, Bernstein: Thoughts on iPhone 6 First Weekend Sales. “A key question that follows is, if availability is not unusually worse, why was the iPhone not made available in China at initial launch, or for the second launch wave of countries later this week? We note that China has typically accounted for ~20% of total global iPhone sales – accordingly, an initial launch in China would have added an additional ~25% demand pull on iPhones, which may have significantly pushed out availability issues in other countries… While we don’t rule out the possibility that the delayed launch in China may be due to regulators (and associated political reasons), we note that Chinese carriers do not appear to have anticipated delays – each of the 3 large carriers was promoting the device, with China Mobile actually taking pre-orders on the new devices prior to their having been announced by Apple, a practice that ended abruptly (likely at Apple’s insistence).” Outperform. $108. 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.