After that, it's all about the transition into software, said Ives, who has an "outperform" rating and a $185 price tag on the stock.
"As we look out, it's the software layers, the next gen areas, and when you look at streaming music and … some of the improvements they're making on OS, I really do believe they are laying the groundwork for what could be a massive 2016," he added.
The Apple Music service will be available for $9.99 a month and is launching in over 100 countries this month.
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Ivan Feinseth, chief investment officer at Tigress Financial, called Apple Music an important component but not a key one to Apple's business.
"Apple is not the first in what they do but they do become the best in what they do so over time I think they will have a good product," said Feinseth, who has a 'strong buy' rating and $165-$175 price tag on the stock.
On top of that, Apple has the biggest and most loyal customer fan base than any other company, and Feinseth thinks because of that the music service would be competition to Spotify and Pandora, as well as XM satellite radio in cars.
As for the Apple Watch, he believes it will be "become the center of the connected universe." The company announced new updates to the software Monday.
For Ives, the watch is part of Apple's next leg of growth. He anticipates it could bring in 8 percent to 10 percent of revenues in two years.
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However, the big driver of the stock has been, and will continue to be, the new iPhones, said Apple shareholder Channing Smith.
Smith expects a big refresh cycle for the iPhone to happen over the next year and a half.
"We think this drives Apple much higher going forward. Everything else is just good to have, it helps support he ecosystem," the portfolio manager at Capital Advisors said.
"The big driver is the iPhone and we expect big things over the next 18 months from that franchise."
The Apple Watch, on the other hand, won't be a game-changer in terms of revenue for the company, he added.
Hugh Johnson, chairman of Hugh Johnson Advisors and an Apple shareholder, thinks the stock is currently undervalued. He thinks it could go to $172 a share, even with "conservative" sales and revenue numbers this fiscal year.
On top of that, the company is sitting on a bunch of cash.
"This is going to give them a real opportunity, in my judgment, in the future to do some stock buybacks, raise dividends," Johnson told "Power Lunch."
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Shareholder Art Hogan agrees.
"There is a credible opportunity for us to look at Apple as a value stock here," the chief market strategist at Wunderlich Securities said.
"They continue to drive demand. When you think about a company like Apple, they're looking at investing things we didn't even know we needed two months ago and then we can't live without once they introduce them."
Disclosures; Tigress Financial Partners holds Apple shares in accounts managed on behalf of their clients. FBR acts as a market maker or liquidity provider for Apple's securities.