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What Wall Street is saying about Apple's huge beat

You know by now that Apple had a blowout quarter, but did you also know that it made more money in the last quarter than any company in history? Or that it sold an average of 34,000 iPhones every hour, every day for the entire last quarter of 2014?

Here's what analysts, investors and some techies are saying about the tech behemoth's latest beat.

No longer an underdog

Through much of 2013—and early 2014—it was fashionable among many analysts to call Apple a dead company walking. That talk is clearly over now.

Brian Blair, managing director at Rosenblatt Securities, told CNBC that "Apple will have another strong March quarter for iPhone." The company's market share in China will likely only grow, he added.

All this now makes Apple a "must-own stock," said Lou Basenese, founder of Disruptive Tech Research.

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"[CEO Tim Cook] should just stand up and point to the scoreboard and sit back down. These are mind-melting numbers," he said in a "Closing Bell" interview.

Part of the blowout had to do with the huge jump in sales in China.

"Apple has not yet reached its maximum level in China. January and February is the big shopping season leading up to Chinese New Year," said Tom Kang, research director at Counterpoint Technology Market Research. "I think the first quarter may be even bigger than the fourth quarter for Apple."

The company's growth in China is underscored by one point: iPhone sales there are nearly comparable to sales in Europe, said Anil Doradla, analyst at William Blair & Co.

JMP Securities set a price target of $150 on Apple shares, while James Ramelli, trader at KeeneOnTheMarket.com, said the stock would hit $120 by the end of the week.

Billionaire--and Apple enthusiast--Carl Icahn told CNBC he thought Apple's 7 percent jump Wednesday was likely the result of a short squeeze. He also thinks that even at its current price the stock is undervalued.

Besides phones

And even though iPad sales missed expectations—it shipped 21.4 million, down almost 20 percent from a year earlier—CEO Cook told CNBC that the company's effort to make the tablet an enterprise work tool makes him a long-term bull on iPads.

"I think the partnership with IBM and the work that we have going on in the enterprise is profound. I really think we're going to change the way people work," Cook said.

(Also, the company confirmed it would be shipping the much-anticipated Apple Watch in April.)

Even Apple TV, which hasn't had an update in years, has sold 5 million units since last April. (H/T: Re/code)

Apple's big results also helped its parts suppliers, as ARM, which supplies chips to both Apple and its competitors, and Imagination Technologies, which supplies graphics processing, saw their shares jump overnight.

Where does Apple go from here?

So where does the company go after this grand slam?

Regarding the company's huge cash hoard, more stock buybacks and dividends are likely. Regarding new products, the market is will be watching to see whether Apple Pay and the soon-to-be-launched Apple Watch will excite consumers.

Read More After setting iPhone record, what does Apple do next?

—CNBC's Josh Lipton contributed to this report