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Who Wasn’t Wooed By The Apple Watch?

Apple’s new Watch may be pricey, but its stock is a little less so on the day after the company revealed details of its wearable devices that will range in price from $349 to $22,000. Apple shares closed down 2 percent at $124.51 on Tuesday (March 10).

On Monday, Apple announced pricing and an April 24 release date for the Apple Watch line and demonstrated apps for the wearable devices. The company also unveiled a new MacBook laptop and a less expensive Apple TV set-top box.

But not everyone on Wall Street was sold, according to Investor’s Business Daily. “We remain somewhat skeptical of the device’s ability to drive mainstream adoption,” Pacific Crest Securities analyst Andy Hargreaves wrote in a research note Monday, adding that he expects initial Apple Watch shipments to sell out to Apple fans but doubts its mass market appeal. “The Watch’s primary functional value seems to be the convenience of being able to do certain tasks without taking your phone out of your pocket,” he wrote. “This is nice, but does not appear game-changing.”

Piper Jaffray analyst Gene Munster wrote in a report on Monday that the Apple Watch will be competing against traditional watches, not other smartwatches. “The design of the watch and the Apple brand are the two biggest selling points and the technical features are a value add vs. a standard watch,” Munster wrote. The product line’s adoption should build over the next six quarters, with the December 2016 quarter as the inflection quarter for the Apple Watch, he predicted.

Neither analyst was quoted by IBD on the Apple Watch’s potential impact on Apple Pay adoption.

While Apple’s share price jumped during the Monday announcement, it fell almost immediately and continued dropping on Tuesday, falling 2.07 percent on a day when the DJIA dropped 1.85 percent and the NASDAQ fell 1.67 percent. However, Apple’s stock price is still up more than 20 percent since the Apple Watch was officially announced in September.

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