Apple still has a lot of room to grow, said Angelo Zino, senior industry analyst at S&P Capital IQ, on Tuesday.

"We've only got about 20 percent of the active base that's actually shifted to the iPhone 6 and 6 Plus, which leaves you an enormous amount of upside potential here in the coming quarters," he told CNBC's "Power Lunch."

Zino added that Apple's capital allocation strategy could also provide upside to the bottom line over the next two years.

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But Andy Hargreaves, senior research analyst at Pacific Crest, isn't so sure.

"The upgrade percentages this time around are quite a bit higher than what we've seen in the past, and that's one of our concerns," he said. "What you're seeing is that demand is being pulled in from future periods and the next iPhone cycle is likely to be a lot less impressive than the current one."

Disclosures: Angelo Zino does not own shares of Apple. Apple is not an investment banking client of S&P Capital IQ.

Andy Hargreaves does not own shares of Apple. However, his firm does own more than 1 percent. Apple is also an investment banking client of Pacific Crest Securities.