The most accurate Apple analyst in the world just slashed Apple Watch estimates due to weak demand

Business Insider / Steve Kovach

KGI Securities, which usually makes accurate predictions around Apple's current and upcoming products, just cut its predictions for Apple Watch shipments this year, according to 9to5Mac.

The firm cut its outlook due to slow demand for the Apple Watch, the report says.

KGI Securities now predicts that Apple will ship between five and six million watches in the third quarter of 2015. Apple is predicted to ship 15 million Apple Watches this year, which the 9to5Mac report says is half KGI's previous estimates.

KGI believes that Apple Watch units produced in Q2 are keeping up with current demand, and the report notes that more people seem to be buying the 42mm size option rather than the 38mm model.

KGI's predictions come just after Apple CEO Tim Cook reportedly told employees that the Apple Watch will be available to purchase in stores next month, as 9to5Mac's Mark Gurman reported this week. Currently, you can only order the watch online.

KGI Securities is known for making predictions that are right in line with Apple's product roadmap - mostly because one of its analysts, Ming-Chi Kuo, seems to be really plugged in to Apple's supply chain. Kuo has previously made correct predictions about the iPhone 6, Apple Watch, and iPhone 5.

NOW WATCH: Forget the Apple Watch - here's the new watch everyone on Wall Street wants

Please enable Javascript to watch this video