5 Apple Earnings Reactions From Notable Market Commentators Wednesday

The question many investors are now asking is if Apple's stock can continue moving higher over both the short term and the long term.

Here is a brief summary of some of the top Apple research notes.

Morgan Stanley: Apple's Bear Case Is Off The Table

Morgan Stanley's Katie Huberty maintains an Overweight rating on Apple's stock with a price target boosted to $123 from a previous $120. She argued that Apple could see an "even bigger" upgrade supercycle when it releases the iPhone 7.

Huberty added that Apple's focus on artificial intelligence and augmented reality applications can further support improving iPhone upgrade rates, while also sustaining growth in its services division.

Related Link: Apple Sells Its 1 Billionth iPhone

Jim Cramer: Own Apple's Stock, Don't Trade It

Gene Munster: Apple's Core Business Has 'Stabilized'

Trip Chowdhry: The Worst Is Over

Mark Moskowitz: Stock Could Move Higher

CNBC's Jim Cramer said during his daily 'Mad Money' show that investors should "own" Apple's stock following its third-quarter results — and not "trade" the stock.

"I think this quarter could very well mark the bottom of the cycle," Cramer said. "Good enough for certain."

Piper Jaffray's Gene Munster was a guest on Benzinga's PreMarket Prep show Wednesday morning. According to the analyst, Apple's quarter symbolized that its core business has "stabilized."

Munster added that Apple's results indicate he can now be "more optimistic" that the company will return to growth.

Global Equities Researches' Trip Chowdhry offered four reasons to support his bullish thesis on Apple's stock:

1) A geographical expansion, especially in India will serve as the next growth catalyst, 2) a demographic expansion is underway in which senior citizens are switching from feature phones to iPhones, 3) an enterprise expansion is also underway in which corporate clients are switching from Android devices to iPhones and 4) the iPhone 7 launch is expected to be "massively successful."

Barclays' Mark Moskowitz argued in a research note that Apple's stock could move higher in the near term following the better-than-expected quarterly results.

The analyst noted that Apple's third-quarter print indicates iPhone unit trends and consolidated gross margins were better than feared.

Moskowitz maintains an Overweight rating and $115 price target on Apple's stock.

Full ratings data available on Benzinga Pro.