Apple's buoyant ecosystem, combined with a brand loyalty-generated "halo effect" could see Apple sell between 30 and 60 million iWatches during the first year, claims Morgan Stanley analyst Katy Huberty.
According to Huberty, Apple essentially only has to release an iWatch and then sit back and rely on the fact that Apple fans will buy whatever comes out of Cupertino.
And Huberty offers three sales scenarios.
But what if things go wrong? There's where the bear case comes into play.
Not long ago UBS analyst Steven Milunovich said that he believed that the iWatch could match initial sales of the iPad, with the Cupertino giant shipping 21 million units during the 2015 financial year, and 36 million units during 2016. Following this trajectory, the iWatch would become Apple's fastest-selling iOS product to date.