We expect solid 4Q:F25 results with continued revenue growth and profitability expansion in 4Q:F25 and a positive tone from management. We expect discussions to center around the pending acquisition of ZT Systems, end market demand, tariffs and inflation. In May, SANM announced it is acquiring ZT Systems' manufacturing business from Advanced Micro Devices (NASDAQ: AMD, NC). However, AMD would retain ZT Systems' AI design business, with SANM as the partner of choice to improve the deployment and speed of data center rack systems for cloud customers. At the time of the acquisition, management noted it expected ZT to help Sanmina double its revenue base over the next three years. The company said it expects the deal to close by the end of calendar 2025, generate $5-$6 billion in annual revenue and be accretive to EPS in the first year. SANM remains net cash positive and has one of the best balance sheets among its peers. It has secured financing from Bank of America (NYSE: BAC, NC) to finance the deal. Management noted it is targeting a net leverage ratio of 1x-2x. To derive our $167 price target, we apply a 25x multiple to our F2027 EPS estimate of $6.75. Our moderate risk rating reflects Sanmina's sustained profitability, cash flow generation and industry-leading balance sheet.