Vishay reported 4Q:25 adjusted EPS of $0.07, below our $0.21 estimate but more than double the prior year. However, several items clouded results, including unfavorable product mix, inventory reductions, manufacturing inefficiencies and foreign exchange. The book-to-bill ratio was 1.01x, compared to 1.00x in 3Q:25. We are encouraged that Vishay has reported five consecutive quarters of 1.0x bookings or greater and think the company is potentially at an inflection point in demand. Vishay's 1Q:26 revenue guidance of $74-$80 million (midpoint $77 million) suggests a modestly lower revenue profile due to normal seasonality in the fourth quarter. The company set additional targets for 2026, including mid- to high-single-digit revenue growth, a 20% increase in bookings from new business initiatives and $6 million in cost reductions. Revenue growth and cost reductions will be critical as Vishay will also incur a sizable step-up in SG&A costs in the year ahead. Reflecting the bookings profile, increased SG&A and cost savings, we lower our EPS estimates to $0.67 (from $1.08) in 2026 and $1.64 (from $1.66) in 2027. At the end of 4Q:25, VPG had net cash at $66.8 million ($5.03 per share). Absent potential M&A, we project net cash of $73.0 million ($5.49 per share) by year-end. We acknowledge that cost actions will likely temper near-term profitability before an improving profit profile emerges in 2027. As such, we find it prudent to reset our target multiple to 24x (from 22x) to reflect the longer duration of near-term weak profitability until a more robust earning profile emerges. We therefore up our price target to $39 (from $37) based on 24x our revised 2027 EPS estimate of $1.64 (was $1.66). Our moderate risk rating reflects the company's strong balance sheet and solid cash flow generation.