With this note, we shift coverage of La-Z-Boy Incorporated (LZB) to our Company Sponsored Research platform, with a moderate risk rating and $43 price target, based on 13x our F2028 EPS estimate of $3.27. As a leading vertically integrated manufacturer and retailer of customizable residential furniture, we argue that La-Z-Boy is in a favorable position to benefit from its North American manufacturing platform that makes 90% of its products. Through recent strategic actions, we also think La-Z-Boy is appropriately focusing on what it knows best: specializing in upholstery in large volumes. Following an estimated 11% EPS decline in F2026 (including an estimated 12% EPS decrease in 4Q:F26), we anticipate EPS to recover 12% annually in F2027 and F2028 given some sales rebound and margin expansion. In our view, LZB's strong balance sheet with no bank debt and $306 million cash (at the end of 3Q:F26) along with healthy free cash flow prospects, are supportive of our moderate risk rating.