Bernstein analyst Toni Sacconaghi raised estimates and his price target on Outperform-rated Apple (NASDAQ: AAPL) to $135.00 (from $122.00) following blow-out results.

Sacconagh commented, "Apple's FY Q1 were a blow-out, with iPhone sales topping even the most nose-bleed buyside
expectations and gross margins significantly above the guidance range, driving an 18% EPS beat.The company's Q2 guidance was above consensus revenues and EPS (backing out expected Watch sales in the quarter). We are raising our FY 15 EPS estimates from $7.53 to $8.58, and our price target to $135 from $122. We have also added estimates for the Apple Watch to our models."

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Shares of Apple closed at $109.14 yesterday.