Semiconductor equipment maker Lam Research (NASDAQ:LRCX) will be reporting earnings tomorrow afternoon. Here’s what to look for.

Lam Research beat analysts’ revenue expectations by 1% last quarter, reporting revenues of $3.87 billion, up 20.7% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EBITDA and EPS estimates.

Is Lam Research a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Lam Research’s revenue to grow 16.5% year on year to $4.06 billion, a reversal from the 31.4% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.81 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Lam Research has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 2% on average.

Looking at Lam Research’s peers in the semiconductors segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Micron Technology delivered year-on-year revenue growth of 93.3%, beating analysts’ expectations by 1.4%, and SMART reported a revenue decline of 1.7%, falling short of estimates by 4.3%. Micron Technology traded up 14.6% following the results while SMART’s stock price was unchanged.

Read our full analysis of Micron Technology’s results here and SMART’s results here.

Investors in the semiconductors segment have had steady hands going into earnings, with share prices up 1.3% on average over the last month. Lam Research is down 6.9% during the same time and is heading into earnings with an average analyst price target of $97.85 (compared to the current share price of $73).

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