We project a 7% year-over-year revenue increase and margin expansion to drive a 12% year over year non-GAAP EPS expansion to $1.40, or $1.10 per share if adding back stock-based compensation expense. Management provided 3Q:F25 guidance reflecting uncertainties related to tariffs and the macroeconomic environment. 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. SANM has one of the best balance sheets among its peers and 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 over time. We apply a 16x multiple to our F2026 EPS estimate of $5.96 to derive our $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.