Apple Watch to rival Swiss market in 1st year?

Timepiece snobs, get ready to scoff.

A bullish report from JPMorgan projects that Apple will ship 26 million Apple Watches in 2015, just short of the 28.2 million watches exported from Switzerland globally last year.

The firm makes the comparison because it believes customers who bought Swiss watches priced below 500 francs ($538) are a good gauge of the demographics of the would-be Apple Watch user.

"We believe that sub-$500 watches are likely to be the main target category for Apple even though the company is likely to also offer luxury priced models in our opinion," wrote the analyst Rod Hall in a note Wednesday to clients. "Though we do not believe that Swiss makers represent all of the addressable market for Apple Watch we do believe they represent a significant proportion of the addressable market."