We trim our price target to $31 (from $33) as we lift our tax rate assumptions and embed a more gradual sales ramp in the Rail, Technologies and Services (RTS) segment to unfold in 2026. L.B. Foster reported 2Q:25 EPS of $0.27, below our forecast of $0.45, largely due to a higher-than-anticipated tax rate that dragged EPS down by $0.15, by our model. While overall sales of $143.6 million (up 2% organically year over year) were slightly below our $144.3 million estimate, FSTR's segment performance diverged: Infrastructure Solutions segment sales rose 22%, while RTS segment sales declined 11%. Management reduced its 2025 guidance by 3% and 7% at the respective sales and profit midpoints, largely due to some pushout of Rail orders converting to revenue in 2026 rather than in 2H:25; we think the guidance reduction was prudent. Backlog of $270 million at 2Q:25 was up 14% sequentially and 8% year over year, providing optimism that underlying demand is solid. We lower our estimates, now projecting 2025 EPS of $1.19 (from $1.56) and 2026 EPS of $2.05 (from $2.20). Key estimate changes are for a more gradual RTS sales recovery in 2026 and a higher assumed tax rate for the next six quarters. FSTR ended 2Q:25 with net debt of $77 million ($7.14 per share). Our new to $31 (was $33) price target on FSTR shares is now based on a steady 15x our lowered 2026 EPS estimate of $2.05 (from $2.20). Our moderate risk rating balances FSTR's modestly leveraged balance sheet and ongoing material weakness in reporting controls, with its capital-light model and a structurally improving free cash flow profile.