2Q:F26 results beat expectations, and there were no surprises. We do not think the nearly 12% drop in the share price yesterday is warranted (compared to a 1% gain in the Russel 2000 Index). We expect continued revenue growth in 3Q:F26 with a return to profitability and expect cash flow to improve as RELL completes inventory buildup ahead of a supplier exiting production of power grid tubes. This should leave the company with enough inventory of power grid tubes to last until 2030 while it identifies alternative supply sources. We think RELL has reached an inflection point. We expect to see continuous year-over-year revenue growth, aided by continued demand from semiconductors and a pick-up in Green Energy Solutions (GES), driven by orders in the wind turbine market and electric vehicles. Other projects in the pipeline should come to fruition in upcoming quarters. The company continues to work on expanding its partnership network from delivering components to engineering solutions, which should help deepen its engagement. RELL maintained a strong cash balance of $33 million at the end of 2Q:F26 and remains debt free. The $0.24 annualized dividend, which yields 2.1%, is protected, in our opinion. We apply a 24x multiple to our F2027 EPS estimate of $0.55 to derive our $13 price target. Our 24x multiple is higher than the 22x two-year historical average, which we think is appropriate given the company's improved balance sheet and growth outlook. Our moderate risk assessment is supported by the company's debt-free balance sheet, blue-chip customer base, profit growth potential, strong backlog and free cash flow.