We transition coverage of Gibraltar Industries (ROCK) to our company sponsored research (CSR) platform, with a moderate risk rating and $93 price target, based on 18x our 2026 EPS estimate of $5.18. Gibraltar is a growth-oriented, diversified manufacturing conglomerate that is in the early stages of simplifying its portfolio and re-positioning its core business for scale. A quick primer: ROCK has spent much of the past 15 years divesting its commodity businesses, streamlining operations and steering its end-market exposure towards growth. We think the decision to divest Renewables provides portfolio clarity and could also drive the stock's valuation multiple to re-rate higher. Too, we could see ROCK turn into a roll-up story for tuck-in deals in the residential and Agtech businesses. In light of the portfolio reshaping, we present an overview of the anticipated sales and margin composition. In our view, ROCK has underappreciated earnings power, that could be driven by Agtech segment sales acceleration as well as balance sheet deployment. ROCK held no debt and $25 million of cash as of 1Q:25. We forecast additional balance sheet capacity with the pending sale of Renewables. While we await the company's restated historical financials excluding Renewables, which are expected concurrently with the 2Q:25 release, we leave our estimates and forecast unchanged, while noting that current comparisons will be less relevant.