The rumored iWatch will be more "hobby" than major product line for Apple (AAPL), says...

|About: Apple Inc. (AAPL)|By:, SA News Editor

The rumored iWatch will be more "hobby" than major product line for Apple (AAPL), says Jefferies' Peter Misek. Likely not having a cellular chip, the iWatch would need to be paired with an iPhone for full functionality. Starting with some pricing assumptions and then slapping a 5% penetration on the installed iPhone base of 250M would move the EPS needle by only about 1%.