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Here's When the iWatch May Be Unveiled

NEW YORK (TheStreet) -- Wearable technology, and in particular, smartwatches, have been sort of meandering, as consumers begin to get used to them and see the benefits (or detriments) of having a piece of technology on their bodies. According to a new report, the iWatch may be unveiled in the third quarter, as Apple (AAPL - Get Report) seeks to enter this potentially lucrative space.

According to a report from Digitimes, Apple is rumored to show off the iWatch in the third quarter, targeting sales of 65 million units in calendar 2014, an admittedly bold target given the smartwatch industry has yet to really take. The original report is from Chinese Web site, Economic Daily.

Digitimes often reports on rumors that don't come true and are grandiose in nature, so any report should be taken with a grain of salt.

Apple couldn't immediately be reached for comment for this story.

If Apple does indeed release the iWatch in the third quarter, this would coincide with Apple's Worldwide Developer Conference (WWDC), where it's expected to show off one of the key features of the oft-rumored device, Healthbook. Healthbook, similar to Passbook, is an app that Apple is reportedly building that will store all of your health and fitness related data in one place.

WWDC is being held June 2-6 in San Francisco. Tickets went on sale Monday for $1,600 via a lottery, with developers being notified whether they won or lost.

Apple has talked about the health and fitness market as a next big opportunity, particularly as the sensor field explodes. In a 2013 interview, Apple CEO Timothy D. Cook said "the wrist is interesting," when talking about wearable tech. However, he cautioned people need to have it, as opposed to just being another device. "You still have to convince people it is worth wearing."

If and when Apple does move into the health and fitness market, it's expected it could be a huge market for the company, according to Morgan Stanley analyst Katy Huberty. "Our working assumption is that iWatch will largely be adopted as an accessory device and therefore sold into the existing customer base like the iPad rather than to new customers like the iPod or iPhone," Huberty wrote in a February research note about Apple. "Assuming an ASP of $299 and Apple customer base penetration rate similar to the iPad, we see up to $17.5B of revenue in the first 12 months compared to $12B for the iPad and $2.5B for the iPhone."

Apple shares were slightly higher in early Tuesday trading, gaining 0.05% to $523.73.

--Written by Chris Ciaccia in New York

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