CTS's reported 3Q:25 adjusted EPS of $0.60 was modestly below our $0.61 projection. Revenue was up 8% year over year in the third quarter. Non-transportation (mostly medical, aerospace & defense and industrial) rose 22% and accounted for an estimated 59% of 3Q:25 revenue. Transportation sales, estimated 41% of revenue, were down 7%. Relative to our expectations, better volume was offset by a higher tax rate. The company narrowed 2025 guidance putting revenue at $535-$545 million (was $520-$550 million) and EPS of $2.20-$2.25 (from $2.20-$2.35). We modestly increase our tax rate and trim our growth expectations in the transportation market. As a result, we taper our EPS estimates to $2.21 (from $2.24) and $2.40 (from $2.41) in 2025 and 2026, respectively. We introduce our F2027 EPS estimate of $2.60. We think CTS's diversification efforts into more profitable end markets has enabled the company to better endure slower trends in the vehicle market. Despite an active M&A profile, the company has a disciplined capital allocation strategy. At the end of 3Q:25, the company had a net cash position of $19.6 million ($0.66 per share). We look for free cash flow (FCF) of $82.9 million ($2.77 per share) in 2025, allowing net cash to widen to $30.5 million ($1.03 per share). The introduction of our 2027 estimate takes our price target to $47 (from $43), which is based on a constant 18x our newly introduced EPS estimate of $2.60. We maintain CTS's moderate risk rating, reflecting the company's strong balance sheet and solid cash flow generation.