Micron (MU) ended the recent trading session at $97.95, demonstrating a -0.25% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 0.56% for the day. At the same time, the Dow added 0.42%, and the tech-heavy Nasdaq gained 0.83%.

Shares of the chipmaker witnessed a loss of 1.46% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 0.44% and the S&P 500's gain of 3.11%.

The investment community will be paying close attention to the earnings performance of Micron in its upcoming release. The company is slated to reveal its earnings on December 18, 2024. The company's upcoming EPS is projected at $1.75, signifying a 284.21% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.71 billion, up 84.33% from the year-ago period.

MU's full-year Zacks Consensus Estimates are calling for earnings of $8.66 per share and revenue of $38.12 billion. These results would represent year-over-year changes of +566.15% and +51.79%, respectively.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Micron. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Micron is currently sporting a Zacks Rank of #3 (Hold).

In terms of valuation, Micron is currently trading at a Forward P/E ratio of 11.34. This signifies a discount in comparison to the average Forward P/E of 14.45 for its industry.

The Computer - Integrated Systems industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 77, positioning it in the top 31% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.