Apple Watch interest sinks as iPhone demand stays strong
While iPhone sales remain strong, Apple Watch sales look limp. Pacific Crest Securities analyst Andy Hargreaves on Wednesday raised his Apple iPhone sales estimates, but trimmed his targets for the Apple Watch. Hargreaves has a sector weight rating on Apple stock, with a 12-month fair value of 139. Apple stock was up a fraction, near 126, in afternoon trading on the stock market today. Apple stock touched its all-time high above 134 on April 28. “Anecdotal evidence suggests Apple (AAPL) Watch demand is slowing quickly,” Hargreaves said in a research note. “This dovetails with recent supply checks, which suggested a reduction in component order volume.” As a result, Hargreaves cut his Apple Watch unit sales estimate for fiscal 2015 ending Sept. 26 to 10.5 million from 11 million. He trimmed his fiscal 2016 Apple Watch unit estimate to 21 million from 24 million. Meanwhile, the iPhone is poised to make …