Barclays says Apple’s 2024 saw another year with most of the stock performance driven by multiple expansion despite a weaker than expected iPhone 16 launch and more heightened regulatory risks. The firm expects Apple’s 2025 to start out with a “mixed at best” earnings release for the December quarter. It models some iPhone recovery as the install base ages, but expects numbers to be “choppy” through 2025. Barclays expects to get more clarity on the Google traffic acquisition cost and sees increased pressure on the App Store regulatory front as well as “potential noise” around Apple’s “high exposure” to China for both sales and supply chain given the changing political backdrop. It keeps an Underweight rating on Apple with a $184 price target.