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Analysts: No stock bubble today

In an interview with CNBC on Monday, Janus Capital's Bill Gross said he was seeing a stock bubble in the Nasdaq.

Read More Janus Capital's Bill Gross: Nasdaq 5K represents 'a little bit of a bubble'

But on "Power Lunch" Tuesday, two analysts said they saw no traces of a stock bubble and even said that the market is undervalued at the moment.

"The idea that these stocks are overvalued, I'm not really finding that now when we are doing the research," said Robert Luna, SureVest Wealth Management CEO.

Luna said that in 2000, the big names like Microsoft, Cisco and Intel were trading at 40 to 50 times next year's earnings. Today, these companies are trading about 13 to 14 times next year's earnings.

"So it's a much different proposition to invest in these companies today than it was back in 2000," he added.

Luna's top stock picks are First Solar, SunPower, Twitter and Hain Celestial.

Nasdaq market site
Scott Mlyn | CNBC

Chief investment strategist at Janney Capital Management, Mark Luschini, agrees that there is no stock bubble today. His top pick is McDonald's, which he predicts will probably clean up the menu and promote healthier eating.

"We think there is a turnaround story that is evolving, especially now that they have a new CEO," he said. "We think there is an upside to that stock."