Apple's iPhone 5S is so successful that the company is planning on outsourcing production – but of its iPhone 5C, according to reports. And, Apple is outsourcing the iPad mini's assembly, too. Investors now need to ask if the tech giant's stock is understating potential growth on some of its key new products.

In an effort to keep up with demand for the 5S, Apple is said to have Taiwan-based Wistron produce its lower-cost 5C. That way, its facilities with Foxconn can focus on the higher-priced 5S line.

(Read more: Apple seeks out new iPhone 5c makers in Asia: WSJ)

Both lines were released in late September. The 5S sells for between $199 to $849, depending on the features and plans. The 5C's range is lower – between $99 and $649 – but is being outsold by the 5S at an estimated rate of two-to-one. The 5S has a one particular benefit from the company's perspective – profit higher margins.

While the iPhone is just one of many products produced by Apple, it's also the biggest source of Apple's revenues. About 52% of the company's revenues come from iPhones and, in the last quarter, Apple sold nearly 34 million iPhones. That's about double the amount of iPhones sold during the same time in 2011.

Nonetheless, Apple's stock price is still down 2% since the start of 2013 and is nearly 11% lower than it was twelve months ago. The stock's current price could create a buying opportunity according to CNBC contributor Gina Sanchez, founder of Chantico Global.

"I think that there's a lot of potential that's built into this stock that clearly is not being reflected in the forward P/E," says Sanchez, referring to the stock's price-to-earnings ratio. "Thirteen times is still very low for this stock. So, even at $520, there's still a lot of upside to Apple."

(Watch: Opening price for Twitter keeps on going higher)

Talking Numbers contributor Richard Ross, Global Technical Strategist at Auerbach Grayson, says Apple's charts are also looking up.

"This chart very quietly is in a very strong technical position," says Ross. "I say 'quietly' because it's not one of those high tech charts, those big momentum highflyers that we all know about. But that's not necessarily bad thing when it comes to the technicals."

According to Ross, Apple's stock built up a bullish-indicating base of support over the last eleven months. He sees the stock as recently breaking above a significant technical level and showing several other bullish indicators.

To see why these two analysts are bullish on Apple, watch Sanchez on the fundamentals and Ross on the technicals in the video above.

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