Pacific Crest does not believe that Apple Watch's functionality will spur enough sales to meet investors' expectations. The only thing the product does better than the iPhone is health and fitness data, which can be obtained form much cheaper products, according to the firm. In order to meet expectations, the watch will have to become a "fashion phenomenon," according to Pacific Crest, which raised its gross profit estimate for the watch based on higher sales price assumptions but lowered its unit sales estimate. The firm keeps a Sector Perform rating on Apple.
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