11:14 AM EST, 01/24/2025 (MT Newswires) -- Apple ( AAPL ) earnings will see limited impact from weaker iPhone demand amid support from strong margins and other revenue streams like services, BofA Securities said in an earnings preview on Friday.

The company's Services segment continues to show strong growth, with projected revenue increases of 13% year-over-year for the December quarter and 14% for the fiscal year, the firm added.

BofA said that iPhone sales in China are under pressure due to the absence of Apple Intelligence features and competition from AI-enabled Android phones.

"iPhone SE should see the use of Apple's ( AAPL ) in-house developed 5G modem and, if successful, can pave the way for greater confidence in insourcing other components," the firm said.

BofA reduced the price objective on Apple's ( AAPL ) stock to $253 from $256 and reiterated its buy rating.

Price: 222.43, Change: -1.23, Percent Change: -0.55