Market Insider

Here's why investors say 'iMeh' to Apple Watch

Traders say the Apple Watch was a disappointment when Apple introduced it Tuesday along with two new iPhone 6 models and a payment system.

Poll: Willyou buy the new Apple devices?

Pacific Crest Securities downgraded its view on Apple to "perform" from "outperform" Wednesday, citing stagnant iPhone growth and a "lack of compelling features" on the Apple Watch.

Read MoreApple stock downgraded on iPhone 6, Watch concerns

"We continue to believe Apple's strong customer loyalty will protect margins and cash flow, limiting downside in the shares," the investment bank said in a note. "Unless Apple Watch proves to be a surprisingly large mass-market hit, we believe multiple contraction will offset earnings growth over the next year and prevent significant stock appreciation."