As we noted in our note last month, USNA ended 2025 on a better than expected note, with revenue exceeding prior guidance issued by management in October. Embedded in our forecasts for total sales growth, for 2026, we still expect decelerating sales decline in the core direct selling business (relative to 2025), before an expected modest sales gain in 2027. In addition, we remain upbeat about top line growth prospects in the Hiya and Rise Wellness segments. While the company has completed some restructuring actions (we expect to hear more about this during the February 18 conference call), with USNA focused on its growth initiatives, we think our previous EPS estimates underestimated SG&A expenses. Hence, we now estimate 2026 and 2027 EPS of $1.84 and $2.77, respectively, compared to our prior respective forecasts of $1.95 and $2.81. Our $39 price target is based on 14x our refined 2027 EPS estimate of $2.77 (was $2.81). Our moderate risk rating on USNA stock factors in the company's strong balance sheet and good free cash flow generation.