The Apple logo Is Pictured Inside The Newly Opened Omotesando Apple Store
The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo in this file photo taken June 26, 2014. Reuters/YUYA SHINO

After selling 10 million units of iPhone 6 and iPhone 6 Plus during opening weekend, Apple Inc's sales performance was welcomed by analysts and investors alike who anticipated lower sales figures due to the company's supply constraints.

This year's new iPhone opening weekend sales was record-breaking for Apple as it surpassed l2013's sales of iPhone 5S and iPhone 5C by 1 million units. The number of new iPhones sold was staggering for some, given the fact that China was not included in the list of countries to initially sell the devices.

According to reports, the delay in launching the new iPhones in China was due to the lack of inventory available for shipment. Apple Inc CEO Tim Cook said in a statement that the company would have sold more iPhone 6 and iPhone 6 Plus with greater stock availability. He said Apple is "working hard to fill orders" as soon as possible.

Riding on Apple's strong opening weekend sales, stock opened at $101.80 as of Sept 22. Apple stock went as high as $103.74. Reports said the stock's moving average is pegged at $101.36.

Piper Jaffray analyst Gene Munster maintained an Outperform rating for Apple stock with a $120 price target. He said it may be difficult to determine the sell-through against the channel fill in the 10 million units sold, but he estimated the sell-through to be around 8 million which remains higher than last year's estimate of 5.5 million units of iPhone 5S.

Stifel analyst Aaron Rakers and his team created a graph showing Apple's early iPhone sales per cycle. The graph clearly indicated that iPhone opening weekend sales have increased steadily over the years.

According to the Stifel analysts, iPhone sales are estimated to reach 96.3 million units by the holiday quarter. The team used data from last year's iPhone sales for comparison. Analysts believe Apple's average selling price will rise for the new iPhones since the iPhone 6 Plus has a more expensive price and runs out of supply in stores first.

Reports said Apple will offer the new iPhones to 115 countries before the year ends. The rapid expansion is expected to bring more sales for Apple and higher market share.

Cantor Fitzgerald analysts Brian White and Isabel Zhu said Apple has met their expectation of iPhone sales which they previously said was between 9.5 and 10 million iPhone units, respectively. The analysts said Apple has managed to set a new record for opening weekend sales even if it is plagued with supply issues and the fact that the company missed out on China's potential early sales. Cantor Fitzgerald has a Buy rating for Apple stock with a price target of $123 per share.