As we see it, 4Q:25 was a solid quarter for HVT, which ended 2025 with December quarter sales rising 9.5% year over year to $201.9 million (we estimated $196.7 million) and EPS of $0.51, up 5% from 4Q:24. We expected EPS of $0.48. Despite a still difficult operating environment, we expect HVT's revenue to benefit from same-store sales gains and new store openings. That said, mainly reflecting increased SG&A expense forecasts, we pare our 2026 and 2027 EPS estimates to $1.95 and $3.00, respectively (from $2.32 and $3.19). Our lowered $33 price target (was $35) is based on 11x our updated 2027 EPS estimate of $3.00 (was $3.19). Our moderate risk rating factors in our assumption of a profit rebound in 2026 and 2027, along with HVT's strong balance sheet and healthy free cash flow generation.