On Monday, Baird’s William Power issued a report to clients that included the attached chart. In a survey of 3,400 U.S. consumers, 85% said that they weren’t in the market for a fitness band.

On Thursday, Morgan Stanley’s Katy Huberty issued a report from the International Consumer Electronics Show in Las Vegas:

Fitness trackers are becoming mainstream products, with one company noting that their marketing is now less about education and introduction and more about helping customers choose the right device in its portfolio. Several leading fitness tracker companies introduced higher end products at CES or in recent months covering the gap between early generation trackers (~$100) and smartwatches (~$250+), aiming to capture potential customers that want more features (e.g., GPS, notifications) while limiting cannibalization of lower-cost solutions.”

See the disconnect?

Follow Philip Elmer-DeWitt on Twitter at @philiped. Read his Apple AAPL -0.95% coverage at fortune.com/ped or subscribe via his RSS feed.