We tick up our price target to $41 (from $39) and maintain our moderate risk rating following better-than-expected 4Q:F26 results and F2027 guidance that came in above our estimates. 4Q:F26 sales and EPS bested our forecast by 4% and 6%, respectively. APOG also introduced F2027 guidance that was better than we feared and above our recently lowered F2027 estimates (see our note dated April 13), suggesting management has confidence in its ability to execute on pricing and cost actions. APOG's balance sheet remains in solid shape, with net debt of $193 million ($8.98 per share, 1.2x leverage), no near-term debt maturities, and $427 million of revolver capacity available for borrowings, supporting our moderate risk rating. Overall, we continue to view APOG as a company in transition that is navigating several ongoing challenges (e.g., rising input costs, competitive pressures, and a CEO search) yet has a more competitive cost structure than in years past and a healthy balance sheet at its disposal. The long-term opportunity for the stock remains whether portfolio actions can help the stock's narrative evolve from an “office stock” to one of secular growth. Our raised $41 price target (from $39) is now based on a steady 15x our upwardly revised F2027 EPS estimate of $2.72 (from $2.60). We view APOG's solid balance sheet as supportive of our moderate risk rating.