1Q:F26 results beat expectations aided by stronger growth in Power & Microwave Technologies (PMT) and Green Energy Solutions (GES) segments. To be cautious and based on management's commentary, we change the cadence for F2026 and now expect a softer 2Q:F26. Adjusting our F2026 estimates for the 1Q:F26 beat, we now estimate F2026 EPS of $0.20,up from $0.13. We maintain our F2027 outlook. We think the company has reached an inflection point where we will see continuous year-over-year revenue growth, aided by continued demand from semiconductors and a pick-up in GES, driven by orders in the wind turbine market with other projects in the pipeline coming to fruition in the coming quarters. The company continues to work on expanding its partnership network from delivering components to engineering solutions, which should help deepen its engagement. RELL continued to generate positive operating cash flow in 1Q:F25, maintained a strong cash balance of $35.7 million and remains debt free. The $0.24 annualized dividend, which yields 2.3%, is protected, in our opinion. We apply a 24x multiple to our F2027 EPS estimate of $0.55 to derive our $13 price target. The 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.