Advanced Micro Devices (AMD) closed the most recent trading day at $137.47, moving +0.12% from the previous trading session. This change lagged the S&P 500's 0.28% gain on the day. Elsewhere, the Dow gained 0.11%, while the tech-heavy Nasdaq added 0.14%.Heading into today, shares of the chipmaker had gained 1.26% over the past month, outpacing the Computer and Technology sector's loss of 4.59% and the S&P 500's gain of 0.12% in that time.Advanced Micro Devices will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.75, up 44.23% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $4.52 billion, up 39.28% from the year-ago period.Investors should also note any recent changes to analyst estimates for Advanced Micro Devices. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.14% higher within the past month. Advanced Micro Devices is holding a Zacks Rank of #2 (Buy) right now.Valuation is also important, so investors should note that Advanced Micro Devices has a Forward P/E ratio of 41.46 right now. Its industry sports an average Forward P/E of 22.29, so we one might conclude that Advanced Micro Devices is trading at a premium comparatively.Investors should also note that AMD has a PEG ratio of 0.9 right now. 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 Electronics - Semiconductors industry currently had an average PEG ratio of 1.64 as of yesterday's close.The Electronics - Semiconductors industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 101, which puts it in the top 40% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now >>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 Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research