The most recent trading session ended with Apple (AAPL) standing at $236.48, reflecting a +0.63% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily loss of 0.18%. On the other hand, the Dow registered a loss of 0.8%, and the technology-centric Nasdaq increased by 0.27%.

Prior to today's trading, shares of the maker of iPhones, iPads and other products had gained 2.98% over the past month. This has lagged the Computer and Technology sector's gain of 6.6% and the S&P 500's gain of 4.46% in that time.

Market participants will be closely following the financial results of Apple in its upcoming release. The company plans to announce its earnings on October 31, 2024. The company's earnings per share (EPS) are projected to be $1.54, reflecting a 5.48% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $94.48 billion, indicating a 5.57% growth compared to the corresponding quarter of the prior year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Apple. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.12% lower. Currently, Apple is carrying a Zacks Rank of #3 (Hold).

Digging into valuation, Apple currently has a Forward P/E ratio of 31.16. This valuation marks a premium compared to its industry's average Forward P/E of 15.82.

Meanwhile, AAPL's PEG ratio is currently 2.46. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. By the end of yesterday's trading, the Computer - Micro Computers industry had an average PEG ratio of 1.82.

The Computer - Micro Computers industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 231, positioning it in the bottom 9% of all 250+ industries.