Here's what every major Wall Street analyst says about Apple's blowout earnings report

Published Fri, Jul 31 20207:08 AM EDTUpdated Fri, Jul 31 20204:07 PM EDT

Jesse Pound @/in/jesse-pound @jesserpound

(This story is for CNBC Pro subscribers only). Wall Street analysts were nearly unanimous in their praise for Apple on Friday morning, raising their price targets across the board after the company's strong results for the fiscal third quarter. The tech giant reported $2.58 in earnings per share on $59.69 billion of revenue, blowing past Wall Street estimates in a Refinitiv survey of $2.04 in earnings per share and $52.25 billion of revenue. Apple also reported a 4-for-1 stock split. The revenue result was the highest for the third quarter in company history, rising 11% year over year despite the Covid-19 pandemic disrupting retail locations in the United States and elsewhere. Revenue from iPhone sales alone beat estimates by more than $4 billion. The stock surged after the results were announced, with shares gaining 10.5% on Friday. Morgan Stanley raised its price target to $431 per share from $419, praising Apple's ecosystem and also its deployment of cheaper iPhones, which the bank said attracted new customers instead of hurting high-end sales. "Despite the success of iPhone SE, Apple saw limited cannibalization of the iPhone 11 product line suggesting real TAM expansion but also confirming that replacement cycles have extended to a point that supports a steadier upgrade rate for Apple's flagship products going forward," the bank's Katy Huberty said in a note. Morgan Stanley, which has an overweight rating on the stock, also recommended buying more shares ahead of the next iPhone cycle launch this fall. Goldman Sachs said that analysts had underestimated the impact on demand from the shift to work and education at home as well as the economic stimulus measures. The bank raised its price target to $314 per share from $299. "While we had increased our numbers heading into this print and flagged a likely solid quarter it turns out that we and consensus weren't even in the ballpark in terms of what was possible," Goldman said. A downside from the earnings call may have been CFO Luca Maestri saying that the release of the newest iPhone this fall may be a few weeks later than normal , but some analysts were already anticipating that possibility. One of those was Citi's Jim Suva, who raised his price target to $450 from $400 on Friday and express