In the latest trading session, TSMC (TSM) closed at $114.96, marking a +0.23% move from the previous day. This move outpaced the S&P 500's daily loss of 0.08%.Heading into today, shares of the chip company had gained 3.37% over the past month, outpacing the Computer and Technology sector's loss of 0.11% and the S&P 500's loss of 1.81% in that time.TSM will be looking to display strength as it nears its next earnings release. In that report, analysts expect TSM to post earnings of $1.03 per share. This would mark year-over-year growth of 14.44%. Meanwhile, our latest consensus estimate is calling for revenue of $14.89 billion, up 22.66% from the prior-year quarter.For the full year, our Zacks Consensus Estimates are projecting earnings of $4.02 per share and revenue of $56.52 billion, which would represent changes of +18.58% and +24.2%, respectively, from the prior year.Investors should also note any recent changes to analyst estimates for TSM. 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.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.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. Within the past 30 days, our consensus EPS projection remained stagnant. TSM currently has a Zacks Rank of #3 (Hold).Digging into valuation, TSM currently has a Forward P/E ratio of 28.53. This represents a no noticeable deviation compared to its industry's average Forward P/E of 28.53.Also, we should mention that TSM has a PEG ratio of 1.78. 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. The Semiconductor - Circuit Foundry was holding an average PEG ratio of 1.78 at yesterday's closing price.The Semiconductor - Circuit Foundry 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 includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 Taiwan Semiconductor Manufacturing Company Ltd. (TSM): Free Stock Analysis Report To read this article on Zacks.com click here.