11:02 AM EDT, 03/12/2024 (MT Newswires) -- Apple ( AAPL ) has been able to drive the mix of iPhone units to higher value in the last few years despite slower unit sales, with the trend likely to continue in the long term, helping the technology giant offset some of the potential weakness in China, BofA Securities said Tuesday.

Although iPhone units shipped have been falling for the past three years, caused in part by slower sales in China, the company has been able to consistently increase its iPhone market share in terms of revenue and units through its pricing strategy, BofA analyst Wamsi Mohan said in a note.

"This pricing strategy, along with installment plans introduced by Apple ( AAPL ) and carriers, has led to the iPhone installed base reaching record level of 1.2 [billion] in 2023," Mohan said.

BofA maintained its buy rating on the Apple ( AAPL ) stock, with a $225 price objective.

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