Lam Research (LRCX) closed at $599.78 in the latest trading session, marking a -0.83% move from the prior day. This move lagged the S&P 500's daily gain of 0.03%.Heading into today, shares of the semiconductor equipment maker had lost 6.31% over the past month, lagging the Computer and Technology sector's gain of 4.78% and the S&P 500's gain of 3.02% in that time.Wall Street will be looking for positivity from LRCX as it approaches its next earnings report date. In that report, analysts expect LRCX to post earnings of $8.13 per share. This would mark year-over-year growth of 43.39%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.3 billion, up 35.46% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $33.45 per share and revenue of $17.62 billion, which would represent changes of +22.8% and +20.44%, respectively, from the prior year.Investors might also notice 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.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.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. Within the past 30 days, our consensus EPS projection remained stagnant. LRCX currently has a Zacks Rank of #3 (Hold).Investors should also note LRCX's current valuation metrics, including its Forward P/E ratio of 18.08. Its industry sports an average Forward P/E of 19.75, so we one might conclude that LRCX is trading at a discount comparatively.We can also see that LRCX currently has a PEG ratio of 1.06. 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 1.06 as of yesterday's close.The Semiconductor Equipment - Wafer Fabrication industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 121, which puts it in the top 48% of all 250+ industries.The Zacks Industry Rank gauges the strength of our 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.Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions. 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.