Apple (AAPL) closed the most recent trading day at $243.36, moving -0.2% from the previous trading session. The stock trailed the S&P 500, which registered a daily gain of 1.26%. Meanwhile, the Dow gained 0.8%, and the Nasdaq, a tech-heavy index, added 1.77%.

Shares of the maker of iPhones, iPads and other products have appreciated by 0.33% over the course of the past month, underperforming the Computer and Technology sector’s gain of 0.84% and outperforming the S&P 500’s loss of 2.82%.

The investment community will be closely monitoring the performance of Apple in its forthcoming earnings report. The company’s upcoming EPS is projected at $2.36, signifying an 8.26% increase compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $124.1 billion, indicating a 3.78% upward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of $7.43 per share and a revenue of $412.79 billion, demonstrating changes of +10.07% and +5.56%, respectively, from the preceding year.

Any recent changes to analyst estimates for Apple should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company’s business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we’ve crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Apple possesses a Zacks Rank of #3 (Hold).

Digging into valuation, Apple currently has a Forward P/E ratio of 32.82. This signifies a premium in comparison to the average Forward P/E of 13.54 for its industry.

Investors should also note that AAPL has a PEG ratio of 2.39 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company’s projected earnings growth. The Computer – Micro Computers was holding an average PEG ratio of 1.74 at yesterday’s closing price.

The Computer – Micro Computers industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 87, this industry ranks in the top 35% of all industries, numbering over 250.