Is the 'Watch' Apple's Zune moment?

Apple CEO Tim Cook announcing the Apple Watch.
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Nearly four months after the release of the first large-screen iPhones, 2015 sets up as an odd year for Apple with the Watch the only anticipated product launch in the pipeline. The stock usually sees giant speculative leaps before product launches, but analysts are skeptical about how much the Watch can boost Apple's share value.

"If Watch doesn't blow people away, you're pretty much capped out," said Andy Hargreaves of Pacific Crest, which has a "sector perform" rating on the stock.

Announced last September and expected to hit stores this year, the Watch is key for driving growth, as Apple's other strong plays are in the saturated tablet and smartphone markets, Hargreaves said.