We increase our price target on NWPX to $108 (from $88) as we lift estimates through 2027, following a strong 1Q:26 that demonstrated NWPX's continued momentum in demand, project execution, and cash flow generation across the company's operations. 1Q:26 sales and EPS came in 14% and 93% above our forecasts, respectively, led by record 1Q:26 sales for both segments, solid execution, and fixed operating leverage from increased overhead absorption. The Water Transmission Systems (WTS) segment realized robust bidding activity, along with the separate emergence of a previously unplanned project, resulted in record backlog (including confirmed orders) of $430 million. Management noted there is additional capacity for further order intake into WTS. While the aforementioned unplanned project is under a nondisclosure agreement, call commentary noted the project is government-related, with a size of $50 million, and has potential for multiple phases that could be additive to 2027 and beyond. We raise our estimates, now modeling 2026 EPS of $5.09 (from $4.12), and 2027 EPS of $5.16 (from $4.90). NWPX ended 1Q:26 with a net cash position, marking its first net cash position since 3Q:21, and supporting our moderate risk rating. Our newly raised $108 price target (from $88) is now based on 21x our increased 2027 EPS of $5.16 (from a previous 18x our prior 2027 EPS estimate of $4.90). We raise our multiple, reflecting NWPX's ability to successfully win favorable payment terms, increased bargaining power, and more durable cash conversion profile; we think investors will allot a higher multiple to the company as a result.