SANM's 3Q:F25 results beat expectations and the company's 4Q:F25 guidance was short of our projections. However, the midpoint of 4Q:F25 revenue guidance would mean a 6.8% year over year increase in total revenue, within the company's target for 6%-8% growth. The recently announced agreement to acquire ZT Systems from Advanced Micro Devices (NASDAQ: AMD, NC) solidifies SANM's position as an industry-leading, vertically integrated global manufacturing solutions provider and strengthens the company's end-to-end component technology, systems integration and supply chain solutions, in our view. The company also expects ZT to help Sanmina double its revenue base over the next three years. The company expects the deal to close by the end of calendar 2025, add $5-$6 billion annually to revenue and be accretive to EPS in the first year. We adjust our F2025 estimates to reflect 3Q:F25 results and 4Q:F25 guidance. We also fine tune our F2026 projections and introduce F2027 estimates. We expect our estimates to change significantly once the ZT System deal closes. 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) for the ZT deal. Management noted it is targeting a net leverage ratio of 1x-2x over time. We apply about 16x to our newly introduced F2027 GAAP EPS estimate of $6.67 to derive our increased $109 price target. (We previously used 16x our F2026 non-GAAP EPS estimate of $5.96 to derive our prior $95 price target.) The 16x multiple is in line with the peer average, which we believe is warranted given the growth and margin expansion opportunity SANM has. Our moderate risk rating reflects Sanmina's sustained profitability, cash flow generation and industry-leading balance sheet.