Pros applaud Apple products, but have questions

Apple's ecosystem & the consumer

Apple unveiled a new watch, payment system and iPhones on Tuesday, and several pros applauded the highly anticipated news after the details were released, though they still had some unanswered questions about revenue and margins.

"Anything that expands the breadth and depth of the Apple ecosystem is powerful," Tigress Asset Management's Ivan Feinseth said in an interview with CNBC's "Power Lunch."

Feinseth, who has a "strong buy" rating on Apple, called the tech giant a "cheap stock" that is "very underowned by institutions and individuals."

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However, Apple shareholder Channing Smith, managing director with Capital Advisors, does not plan on adding to his position after Tuesday's event.

"We feel that a lot of the good news is priced into this.… The question for us is, what is the revenue expectation and the earnings expectation for the [watch] and the payment system? We think that will take a long time to develop."

He likes where the stock is but thinks the upside from here is "maybe 10-12 percent."

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Smith believes the iPhone upgrade cycle will be "enormous" thanks to the 300 million to 400 million iPhones in use that are over two years old.

The larger-screened iPhone 6 and iPhone 6 Plus will be available in stores on Sept. 16.

Apple Watch next step forward: Pro

However, "the iPads have seen two consecutive quarters of declines. This is 18 percent of their revenues," he added.

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"The iPhones will take some of the heat off of that, but we don't see [watches] or the payments really making up the difference for what could be a continued decline in iPads."

The long-rumored watch will start at $349 and will go on sale in early 2015. It will be compatible with certain older iPhones, unlike Apple Pay. However, Apple Pay will work with the watch, as well as the new iPhones.

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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.

Apple Pay stole the show: Pro

Apple is a top position in the Jacob Internet Fund, but Darren Chervitz, the fund's director of research and co-portfolio manager, said the company has been reducing its position.

That said, "you could have one more big run here," he told "Closing Bell."

"The pent up demand for this big screen iPhone is going to be incredible and I think people are going to be surprised, even despite some of the high expectations, about how robustly sales occur in the holiday season."

However, looking ahead he thinks the next cycle for Apple will be a bit more challenging.

"Unless some of these new devices or markets start moving the needle then perhaps Apple is going to run into some challenges."

—By CNBC's Michelle Fox