As the semiconductor industry navigates a season of mixed signals and shifting investor sentiment, Semtech arrives at its second-quarter earnings report carrying something rare and valuable: momentum. The company, which last quarter surprised Wall Street with $291 million in revenue and meaningful inventory improvements, now faces a higher bar — analysts expect 27.7% year-on-year growth — and the distance between its current share price and analyst targets suggests the market is watching closely to see whether this is a company in ascent or one whose best surprises are already priced in.