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Analyst: Interest in the Apple Watch is ‘lackluster’

May 1, 2015, 4:53 PM UTC
Apple Unveils iPhone 6
CUPERTINO, CA - SEPTEMBER 09: Apple CEO Tim Cook announces the Apple Watch during an Apple special event at the Flint Center for the Performing Arts on September 9, 2014 in Cupertino, California. Apple unveiled the Apple Watch wearable tech and two new iPhones, the iPhone 6 and iPhone 6 Plus. (Photo by Justin Sullivan/Getty Images)
Photograph by Justin Sullivan — Getty Images

Despite all of the hoopla, at least one analyst thinks the interest in the Apple Watch is underwhelming.

UBS analyst Steven Milunovich said this week that he was lowering his yearly sales expectations for the new smartwatch, citing “global search activity,” reported Business Insider.

This is what Milunovich says about Apple , per BI:

Our latest Apple Watch Monitor continues to find lackluster interest as measured by global search activity. Watch supply has been limited, but our change is based on demand.

We look for 11mn Watches to be shipped in F15 and are cutting our F16 estimate from 40mn to 31mn for two reasons: (1) search interest has deviated lower relative to an index of 30 consumer electronics introductions and the first iPad and iPhone releases—the week of launch, the Watch is about 20% of iPad and iPhone interest; and (2) we now think about 7% rather than 10% of the expected iPhone 5/6 average installed base of 430mn in F16E is likely to buy a Watch.

That’s still a lot of watches.
For more about Apple, watch this Fortune video: