In the latest trading session, Flex (FLEX) closed at $21.87, marking a -0.5% move from the previous day. This change lagged the S&P 500's daily loss of 0.09%. Meanwhile, the Dow lost 0.56%, and the Nasdaq, a tech-heavy index, added 0.22%.Heading into today, shares of the electronics designer and manufacturer had gained 12.78% over the past month, outpacing the Computer and Technology sector's gain of 7.08% and the S&P 500's gain of 5.55% in that time.Flex will be looking to display strength as it nears its next earnings release. On that day, Flex is projected to report earnings of $0.60 per share, which would represent year-over-year growth of 20%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.48 billion, up 13.01% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $2.28 per share and revenue of $29.56 billion, which would represent changes of +16.33% and +13.52%, respectively, from the prior year.Investors might also notice recent changes to analyst estimates for Flex. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 remained stagnant within the past month. Flex is currently a Zacks Rank #2 (Buy).Looking at its valuation, Flex is holding a Forward P/E ratio of 9.64. For comparison, its industry has an average Forward P/E of 17.29, which means Flex is trading at a discount to the group.Investors should also note that FLEX has a PEG ratio of 0.76 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Electronics - Miscellaneous Products was holding an average PEG ratio of 1.97 at yesterday's closing price.The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 153, putting it in the bottom 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. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 Flex Ltd. (FLEX): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research