We continue to expect a strong 4Q:25 performance from FSTR, supported by backlog in hand and the expected delivery of rail distribution volumes that had previously been deferred in 1Q:25-3Q:25. Active bidding activity suggests that momentum continues to build into 2026 for both the Rail and Infrastructure Solutions segments. Optimism for more normalized performance in select Returns platforms should also be a 2026 improvement driver relative to 2025. Our moderate risk rating balances FSTR's modestly leveraged balance sheet with its capital-light business model and a structurally improving free cash flow profile. We tick up our price target on FSTR shares to $33 (from $31), now based on 16x (was 15x) our 2027 EPS estimate of $2.09. We raise our valuation multiple by one turn to better align with FSTR's 10-year historical forward P/E multiple.