“Analysts at the investment bank slashed their Apple Watch estimates for fiscal 2016 to 11.9 million unit shipments from 23.5 million, adding they see the wearable only penetrating 7 percent ‘of its addressable base by the end of 2017 vs. previous assumption of 15%,’ Imbert reports. “Rod Hall, one of JPMorgan’s analysts, told CNBC’s Fast Money: Halftime Report on Thursday that ‘we’ve seen demand weakness on that watch below what we had anticipated. We think it’s a great product; it’s just that the traction for these watches, people still haven’t figured out what they want to use them for.'”
Imbert reports, “JPMorgan released a note to clients Thursday lowering its Watch estimates, as well as its price target on Apple shares, to $105 from $125.”
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MacDailyNews Take: This too shall pass.
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