Why Apple is 'Woefully' Undervalued

• Apple Inc. AAPL is up 9 percent since the August 24th market turbulence that sent shares down to $92.
• CNNMoney Digital Correspondent Paul La Monica said that even at $115, Apple is "woefully undervalued right now."
• La Monica said that regardless of what the iPhone 6S does, with all the profits and cash it is generating, Apple is a buy.

Today, Apple said its iPhone sales were on pace to break last year's 10 million unit first weekend. Shares gained 1 percent on the news, though the stock was up more than double that at one point.

Prior to this announcement, CNNMoney's Paul La Monica said the company was "woefully" undervalued, regardless of how this particular version of the iPhone did. While he speculated that the results were "probably good," he pointed to Apple's strong cash position and ability to generate profits as reasons the stock should move higher.

La Monica said that it would "obviously" be better if the company's other products picked up some more share of the revenues – like the Apple Watch or the Car. However, La Monica called the iPhone a "nice problem to have."

Into the long-term future, La Monica did concede that Apple may need a "new product to stay on top," but that's more based on the tech market being "fickle" as much as anything else. Companies fall in and out of favor easily, he suggested.

Year to date, Apple gained 4.5 percent. The stock is trading roughly 15 percent lower than its 52-week, all-time high – which was at $134.54.