In the latest trading session, Micron (MU) closed at $49.24, marking a +1.13% move from the previous day. This change outpaced the S&P 500's 0.83% gain on the day. Meanwhile, the Dow gained 0.62%, and the Nasdaq, a tech-heavy index, added 1.43%.Wall Street will be looking for positivity from MU as it approaches its next earnings report date. This is expected to be June 29, 2020. The company is expected to report EPS of $0.76, down 27.62% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $5.27 billion, up 9.99% from the year-ago period.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.45 per share and revenue of $20.63 billion. These totals would mark changes of -61.42% and -11.85%, respectively, from last year.Investors should also note any recent changes to analyst estimates for MU. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 13.47% higher within the past month. MU is currently sporting a Zacks Rank of #2 (Buy).Looking at its valuation, MU is holding a Forward P/E ratio of 19.85. For comparison, its industry has an average Forward P/E of 19.85, which means MU is trading at a no noticeable deviation to the group.Also, we should mention that MU has a PEG ratio of 1.93. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Semiconductor Memory industry currently had an average PEG ratio of 1.93 as of yesterday's close.The Semiconductor Memory industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 4, putting it in the top 2% of all 250+ industries.The Zacks Industry Rank includes is listed in order 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.To follow MU in the coming trading sessions, be sure to utilize Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Micron Technology, Inc. (MU): Free Stock Analysis Report To read this article on Zacks.com click here.