Raymond James analyst Tavis McCourt downgraded Apple from "Outperform" to "Market Perform" on Friday over concerns that Apple Watch won't live up to investor expectations. His concern is that, following early product reviews, Apple Watch won't hit the "insanely great benchmark."
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Apple seems to have sold through its Apple Watch inventory fairly quickly. Either Apple made almost none and the few people who wanted the company's new smartwatch snapped one up right away, or there's more interest than Raymond James analyst Tavis McCourt thinks.