In the latest trading session, Lam Research (LRCX) closed at $608.77, marking a +1.78% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.23%.Coming into today, shares of the semiconductor equipment maker had gained 3.05% in the past month. In that same time, the Computer and Technology sector gained 2.74%, while the S&P 500 gained 0.65%.LRCX will be looking to display strength as it nears its next earnings release. On that day, LRCX is projected to report earnings of $8.13 per share, which would represent year-over-year growth of 43.39%. Meanwhile, our latest consensus estimate is calling for revenue of $4.3 billion, up 35.46% from the prior-year quarter.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $33.45 per share and revenue of $17.62 billion. These totals would mark changes of +22.8% and +20.44%, respectively, from last year.Any recent changes to analyst estimates for LRCX should also be noted by investors. 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.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 past month, the Zacks Consensus EPS estimate remained stagnant. LRCX is currently a Zacks Rank #3 (Hold).Digging into valuation, LRCX currently has a Forward P/E ratio of 17.88. For comparison, its industry has an average Forward P/E of 19.53, which means LRCX is trading at a discount to the group.Investors should also note that LRCX has a PEG ratio of 1.05 right now. 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. Semiconductor Equipment - Wafer Fabrication stocks are, on average, holding a PEG ratio of 1.05 based on yesterday's closing prices.The Semiconductor Equipment - Wafer Fabrication industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 121, putting it in the top 48% 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.To follow LRCX in the coming trading sessions, be sure to utilize Zacks.com. Tech IPOs With Massive Profit Potential: Last years top IPOs surged as much as 299% within the first two months. With record amounts of cash flooding into IPOs and a record-setting stock market, this year could be even more lucrative. See Zacks’ Hottest Tech IPOs 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 Lam Research Corporation (LRCX): Free Stock Analysis Report To read this article on Zacks.com click here.