The latest trading session saw Lam Research (LRCX) ending at $71.79, denoting a +0.81% adjustment from its last day's close. The stock lagged the S&P 500's daily gain of 1.09%. At the same time, the Dow added 1.18%, and the tech-heavy Nasdaq gained 1.03%.

Shares of the semiconductor equipment maker have depreciated by 2.63% over the course of the past month, underperforming the Computer and Technology sector's gain of 1.8% and the S&P 500's loss of 0.71%.

Market participants will be closely following the financial results of Lam Research in its upcoming release. The company's earnings per share (EPS) are projected to be $0.87, reflecting a 16% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.31 billion, up 14.59% from the year-ago period.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.50 per share and a revenue of $17.2 billion, indicating changes of +17.06% and +15.41%, respectively, from the former year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Lam Research. Such recent modifications usually signify the changing landscape of near-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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. The Zacks Consensus EPS estimate has moved 0.62% lower within the past month. Lam Research is currently a Zacks Rank #3 (Hold).

With respect to valuation, Lam Research is currently being traded at a Forward P/E ratio of 20.36. This expresses a discount compared to the average Forward P/E of 35.58 of its industry.

Investors should also note that LRCX has a PEG ratio of 1.31 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Electronics - Semiconductors industry had an average PEG ratio of 2.02.

The Electronics - Semiconductors industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 124, this industry ranks in the top 50% of all industries, numbering over 250.