Lam Research (Nasdaq: LRCX) is expected to report Q2 earnings around Jan. 22. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Lam Research's revenues will expand 46.0% and EPS will grow 32.4%.

The average estimate for revenue is $852.4 million. On the bottom line, the average EPS estimate is $0.45.

Revenue details
 Last quarter, Lam Research reported revenue of $906.9 million. GAAP reported sales were 33% higher than the prior-year quarter's $680.4 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.53. GAAP EPS of $0.02 for Q1 were 97% lower than the prior-year quarter's $0.58 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 41.7%, about the same as the prior-year quarter. Operating margin was 6.7%, 820 basis points worse than the prior-year quarter. Net margin was 0.3%, 1,030 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $3.61 billion. The average EPS estimate is $2.22.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 339 members out of 367 rating the stock outperform, and 28 members rating it underperform. Among 114 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 106 give Lam Research a green thumbs-up, and eight give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Lam Research is outperform, with an average price target of $43.17.

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