STRL posted a stellar 1Q:26, with better-than-expected sales and profits, record backlog, a key project win that diversifies the backlog, and ample proof points that reinforced our view of a longer duration of the multiyear up-cycle ahead. E-Infrastructure segment sales drove the 1Q:26 results, with segment revenue growth of 174% year over year (102% organic), besting our segment estimate of 83% growth (19% organic). STRL also notched a key project win: the initial phase of a large, multiyear semiconductor fabrication campus. Subsequently, the stock rose 52% yesterday and gained over $8 billion in market cap (versus a 2% increase in the Russell 2000); we view the stock's narrative shifting from a question of demand durability toward one of whether it can add production capacity to support elevated demand. As projects increase in size and complexity, we continue to believe the scarcity of STRL's execution at scale will drive pricing power and margin expansion, in turn driving a more durable earnings profile. We lift our 2026-2027 estimates to EPS of $17.87 and $25.68 (from $12.64 and $15.78), respectively, as we layer in the stronger 1Q:26 results, higher E-Infrastructure sales projections, and the record combined backlog of $5.2 billion. STRL ended 1Q:26 with net cash of $224 million and continues to generate strong cash flow consistently, supporting our moderate risk rating. Our raised $950 price target (from $505) is now based on 37x (from 32x) our increased 2027 EPS estimate of $25.68 (from $15.78). We increase our valuation multiple by 16%, reflecting our view that we are still in the early innings of what could be a longer-duration up-cycle that STRL is well-positioned to benefit from.