Piper Jaffray analyst Gene Munster believes the Apple Watch will get a hardware upgrade at Apple's rumored March 15 event.
In a research note sent to clients, obtained by Business Insider, Munster said on Tuesday the internal components such as the processor and battery will be given an update, but to not expect the look of the wearable to change.
"Apple Watch: expect more of an "S" version with similar design, upgraded components including processor[,] battery, new band styles. Unlikely to have a wireless radio, which would allow standalone (i.e. decoupled from iPhone)," Munster wrote.
Apple fans refer to an "S" version as having internal hardware upgrades, while retaining the same exterior look. Apple has done this in several versions of the iPhone, including the iPhone 6s and iPhone 5s.
If Apple unveils a new Apple Watch in March, it may mean Apple will have an annual upgrade cycle for the iPhone and sometimes iPad. The Apple Watch hit the market in April 2015 and has yet to explode in popularity, as highlighted in Apple's recent financial report.
In a report on Tuesday, popular Apple blogger Mark Gurman said to expect Sport Bands with multiple new colors, new Hermes bands, a Space Black version of the Milanese Loop, and an entirely new band line made of a new material. Gurman didn't expect a new Apple Watch to be announced, though Jaffray disagrees.