Lam Research (LRCX) closed at $617.88 in the latest trading session, marking a -1.09% move from the prior day. This change lagged the S&P 500's daily gain of 0.12%.Coming into today, shares of the semiconductor equipment maker had lost 2.92% in the past month. In that same time, the Computer and Technology sector gained 4.26%, while the S&P 500 gained 3%.Wall Street will be looking for positivity from LRCX as it approaches its next earnings report date. This is expected to be July 28, 2021. In that report, analysts expect LRCX to post earnings of $7.53 per share. This would mark year-over-year growth of 57.53%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4 billion, up 43.45% from the year-ago period.Investors should also note any recent changes to analyst estimates for LRCX. 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.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 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. Within the past 30 days, our consensus EPS projection remained stagnant. LRCX is holding a Zacks Rank of #3 (Hold) right now.Digging into valuation, LRCX currently has a Forward P/E ratio of 19.27. This represents a discount compared to its industry's average Forward P/E of 20.05.It is also worth noting that LRCX currently has a PEG ratio of 0.59. 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. LRCX's industry had an average PEG ratio of 1.16 as of yesterday's close.The Semiconductor Equipment - Wafer Fabrication industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 68, putting it in the top 27% 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. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>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 Lam Research Corporation (LRCX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research