'Watch Out' For The Apple Watch; Bank Of America Calls Watch Extension Of iPhone

In a report published Thursday, Bank of America analyst Wamsi Mohan speculated that Apple Inc. AAPL will provide additional details on the Apple Watch during its upcoming event on March 9.

"In our view, the "watch" similarity ends with the Apple Watch as a device worn on the wrist," Mohan wrote. "We view the device as an extension of the iPhone, with the goal of convenience at a flick of the wrist."

See What Deutsche Bank Had To Say About The Apple Watch Hype

Mohan added that Apple is best known for creating new products and then integrating them into a user's daily life, which creates demand for new product categories and defining new revenue streams for the company.

Mohan suggested that Apple's Watch can aid its users in numerous ways throughout the day with applications including maps, mobile payments, messaging and fitness. The analyst further argued that such a tool "will succeed" because it is a "canvas" on which developers can invent new applications that have not yet been imagined, and the Apple ecosystem remains "lucrative" for developers.

Shares of Apple are Buy rated with a $140 price target.