The Ratings Game: Apple’s iPhone trade-in boost has just begun

Apple Inc. may have just seen its worst sequential drop in iPhone revenue for any March quarter in the company’s history, but investors seem optimistic about where the smartphone giant is headed.

Shares of Apple AAPL, +4.91% gained 4.9% Wednesday, leaving the company just shy of reclaiming a $1 trillion valuation. Apple’s market capitalization was $992.7 billion as of the close of trading, according to FactSet, though that will likely slide after Apple’s quarterly filing was published Wednesday afternoon with an updated — and smaller — share count after another quarter of stock repurchases.

Analysts cheered the company’s fiscal second-quarter earnings commentary, as Apple sorts out its iPhone issues while seeing nice boosts from the rest of the business.

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