Apple looks like it's having a not-so Merry Christmas, as analysts have lowered iPhone X shipment projections for the first quarter of next year.

Sinolink Securities Co. analyst Zhang Bin said in a report Monday that handset shipments in the period may be as low as 35 million, or 10 million less than he previously estimated.

JL Warren Capital LLC said shipments will drop to 25 million units in the first quarter of 2018 from 30 million units in the fourth quarter, citing reduced orders at some Apple suppliers.

Both analysts believe that the drop reflects weak demand because of the iPhone X's high price point and a lack of interesting innovations.

Apple is said to have trimmed its first-quarter sales forecast to 30 million units from 50 million, Taiwanese newspaper Economic Daily News reported, citing unidentified supply chain officials.

An Apple representative declined to comment.