“Not wild about the Apple Watch’s potential?” Fred Imbert reports for CNBC. “Neither is JPMorgan.”

“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.”

Read more in the full article here.

MacDailyNews Take: This too shall pass.

SEE ALSO:
Apple watched how we actually used our Apple Watches and adapted watchOS to fit – June 16, 2016
Apple reveals watchOS 3; faster, simpler with breakthrough health features – June 13, 2016
Apple Watch: Why let facts cloud the debate? – June 6, 2016