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"If you adjust for cash, and look at cash flow, its cash flow multiple is more like 10 to 11 times. The market's at 15 to 16 times, so it's trading for a significant discount," Sacconaghi said in a CNBC "Squawk Alley " interview.
Sacconaghi made his remarks a day after Gundlach said the tech giant's stock is "reasonably priced." Nevertheless, Gundlach added that due to its size, investors may not be able to compound their growth.
"The [Apple Watch]? I don't know if that's really going to set the world on fire," Gundlach said.
Regarding the wearable, Sacconaghi said, "It's really important to realize that this is the first generation and the first iteration, and there isn't a compelling use case for the watch today."
"I think that ... over time there's the possibility that the watch could evolve to be more of a health-monitoring device, have its own connection to the Internet and that could make it a must-have."
Apple shares have been trading higher in the last week after settling below their 200-day moving average as Chinese market concerns weighed.
As the tech giant gets set to report its latest quarterly results, investors should look for how many Apple users have moved into the Apple 6 cycle, RBC Capital Markets equity analyst Amit Daryanani said Thursday.
"Last quarter, they talked about how only 20 percent of the ecosystem had migrated to the 6 product cycle. I think that's the metric you want to track," Daryanani said in a CNBC "Squawk on the Street" interview.
Apple is scheduled to report fiscal third-quarter earnings Tuesday and is expected to post profit per share of $1.80 on revenue of $49.22 billion, according to analysts polled by Thomson Reuters.