S&P Capital IQ's Scott Kessler said it was "disappointing" that the watch won't be available until next year and won't be usable unless paired with an iPhone.
"That limits the market opportunity, at least over the near term," Kessler told "Street Signs."
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For Piper Jaffray's Gene Munster, the "big deal" out of Tuesday's announcement is Apple Pay.
"This is the biggest news Apple's had in terms of consumer services … since they launched iTunes, and I really think that the significance of this is really going to sink in over the next six months," he said in an interview with "Closing Bell."
Munster has a $120 price target on Apple.
Hugh Johnson, chairman and CIO of Hugh Johnson Advisors, owns Apple shares and would be a buyer of the stock if it dipped on a market correction.
"I think it's undervalued now and when you are talking about a company with $150 billion in cash, you don't want try to get too cute on the timing part of it," Johnson said in an interview with "Power Lunch."
His focus is on the margins as a result of the new products.
"Will we have a little bit of deterioration of margins or will we have stable margins? To me, that's the key question," Johnson noted.
If the margins are stable, which is what Johnson is assuming, he's looking at a price tag of about $122. If profit margins deteriorate, he thinks the price will be around $106.