Insteel reported a largely inline quarter, with positive commentary regarding demand levels remaining good through F2026. We made modest estimate changes while maintaining our $39 price target. Building on last quarter's commentary, management manifested notably higher conviction that data center and infrastructure demand are the drivers for the uptick in activity levels, offsetting softness in commercial and residential markets. Raw material spreads (the primary profit driver) contracted sequentially off of 3Q:F25 levels as expected, yet topped our forecast by 1%. Residential construction remains soft, but we highlight that residential has never been a key part of the stock's story, nor is a recovery in residential construction necessary for IIIN to continue to execute, in our view. Insteel remains debt free with $39 million of cash. Our moderate risk rating reflects the company's clean financial profile. Our unchanged $39 price target is now based on a steady 13x our F2026 EPS estimate of $2.94 (from $2.98).