Sanmina continued to outperform in 4Q:F25 and guided 1Q:F26 ahead of expectations, reflecting the earlier than expected completion of ZT Systems which is expected to add $5-$6 billion in annualized revenue in the first year. Management now seems confident that revenue will double in two years, rather than in three years, which was expected previously, given the vast opportunities in the data center and AI infrastructure build out. We are further encouraged by the margin target of 6%-7% longer term, which along with debt reduction and a return to more aggressive buy backs, will create further earnings power. SANM closed F2025 with nearly $1 billion in cash, has financing in place for the acquisition, and has expanded the revolver, providing ample liquidity. Management has noted it is targeting a return to a net leverage ratio of 1x-2x. To derive our increased $200 price target (was $167) we apply a 21x multiple to our increased F2027 EPS projection of $9.53, up from $6.67. We previously applied a 25x multiple to our prior F2027 EPS estimate of $6.67, which did not include the ZT System acquisition. Our moderate risk rating reflects Sanmina's sustained profitability, cash flow generation and industry-leading balance sheet.