NEW YORK (TheStreet) -- The oft-rumored Apple (AAPL) iWatch gets as much attention from the media, Wall Street and consumers as products that actually exist, and one analyst noted the iWatch will be more than just something to pair with an iPhone.
Cantor Fitzgerald analyst Brian White, he of the $777 price target, wrote in a research report that the iWatch may actually do more than people think. Citing an Apple supplier, White noted the device could allow consumers to control their home.
"As an Apple supplier, our contact offered insight into the "iWatch" and described this potential new device as much more than an extension of your iPhone but as a multi-purpose gateway in allowing consumers to control their home (i.e., heating/cooling, lights, audio, video, etc.)," White wrote in the report.
Apple shares were higher in Thursday trading, gaining 0.93% to $491.11, as the broader market gained on hopes of ending the government shutdown and passing a debt ceiling bill.
In contrast, Samsung's smartwatch, the first wearable technology in its Galaxy Gear line, pairs with the Galaxy Note 3 smartphone. Its primary use is to make and receive calls, check text messages, and perform other similar functions of a smartphone.
White believes that Apple will launch the iWatch before the end of next year.
There's been much speculation surrounding a potential smart watch since Apple CEO Tim Cook discussed wearable technology as a "profound opportunity" at the D11 conference in May of this year. "The wrist is interesting," Apple's CEO said. "You still have to convince people it is worth wearing."