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First Apple Watch reports are in and they're...

Shopper looking at an Apple Watch
Toru Hanai | Reuters
Shopper looking at an Apple Watch

Even though the Apple Watch will contribute little to the technology juggernaut's revenue pie this year, optically it's important for Apple to prove it still has the ability to forge a new "category" in the space.

And the stakes are high with Apple shares down 4 percent from an all-time high of $133 a share reached at the end of February.

CEO Tim Cook told CNBC on Friday, the day when pre-orders began, that the advanced sales were "great" and the buzz was "incredible."

But Wall Street analysts need a little more than that to update their evaluation of Apple's stock. They studied shipment dates closely and hit Apple stores—where customers could try on the watch, but not buy it—for clues.

Here's what the analysts out with reports in the first 72 hours found: