The Dutchman feels the Premier League representatives are still the team to beat, and was very pleased with his side's victory
Goals from Klaas-Jan Huntelaar and Ibrahim Afellay helped the Bundesliga side to a 2-0 win at the Emirates Stadium on Wednesday, but the Dutch coach is not getting carried away as Schalke climbed to top spot in their section.
"Arsenal remain favourites to win this group, especially when they have all their players back," Stevens stated at the post-match press conference.
"We take it one game at a time – of course, it will be difficult again when Arsenal come to us."
The Schalke boss then went on to admit that he was not impressed with his side's first-half performance, but was quite pleased with how they responded after the break.
"We have a chance, but we will have to be better than we were in the first half tonight. I wasn't happy with the first half, because I don't think we showed enough courage. We played too passively, almost as if we were a bit scared, for about 35 minutes.
"I was happy with the organisation, though. We didn't play well, but we didn't concede and they had no chances – so I was happy with that.
"Our second-half performance was very satisfying."
Schalke resume Champions League action at home against Arsenal on November 7.