Apple Watch series 3 stuck on "preparing" for 8.7.1
I've been trying to update my series 3 to watchOS 8.7.1 from a factory reset, using my iPhone 13 pro max running on iOS 16.2. The update is stuck on "preparing" for hours. I've tried resetting the watch multiple times and re downloading the update, but no luck. Is anyone facing the same issue?. How do I fix this?