Analysts at Pacific Crest said they are contemplating lowering their 2016 forecast on Apple Watch unit sales unless Apple Inc. AAPL, -1.58% introduces "new compelling functionality" for the device. "After strong initial demand, follow-in interest in Apple Watch appears mediocre," Pacific Crest's Andy Hargreaves said in a note to clients on Tuesday. While his fiscal 2015 Apple Watch estimate of 11 million remains unchanged, he said checks at suppliers indicate that there may have been a modest reduction in component order volume through September, increasing the risk to Pacific Crest's fiscal 2016 estimate of 24 million. Apple did not immediately respond to a request for comment. However, Hargreaves expects "extremely high retention rates" for the iPhone to continue supporting strong cash flow and buyback activity at Apple, and said initial estimates of iPhone component orders for the fiscal fourth quarter suggest Apple is anticipating stronger-than-expected demand for the next iPhone cycle as well. Shares of Apple fell 0.1% to $126.76 in morning trade and are up 1.5% over the last three months, versus a 0.7% decline for the broader Dow Jones Industrial Average.