What Will 2016 Look Like For Apple's iPhone?

While the stock rose by over 20% through the first half of the year, the gains were erased during the second half with the stock ending the year down 7% amid some concerns about the growth prospects of the iPhone. Apple's fortunes are tied to the iPhone in a big way, with the product contributing 60% of total revenues and over 75% of profits by our estimates. In this note, we spell out some key factors that are likely to drive the performance of the iPhone going into 2016.