Analyst cuts Apple Watch sales forecast for 2015 and 2016

Pacific Crest Securities analyst Brad Hargreaves says that demand for the Apple Watch is slowing down following a strong start. He is telling clients that the strong initial demand for the smartwatch will allow Apple to meet or beat his forecast for second quarter watch sales of 5.5 million units. But from that point forward, Hargreaves sees sales for the timepiece beginning to sag.

The analyst says that the number of Apple Watch units he expects to be sold during the last two quarters of 2015 has been reduced from 11 million to 10.5 million watches. He now sees Apple selling 21 million watches in 2016, down from the 24 million that he previously expected Apple to sell in 2016.

The analyst used a number of tools to decide that the early buzz for the Apple Watch is fading. He cited a reduced number of Google Search entries, supply checks, visits to the Apple Store, and data computed by third parties.

Despite Hargreaves comments, Apple's shares rose .94% on Wednesday to $126.60 a share.

source: NYPost