Low snowfall in recent years has reduced usage and extended the replacement cycles of PLOW's snow and ice removal equipment. Above average snowfall in the early part of this year's snow season bodes well for PLOW as it will increase usage and stimulate demand for its equipment. A return to a period of average snowfall would unlock the earnings power of PLOW's Attachments business, in our view. At the end of 3Q:25, PLOW had net debt of $199 million, down from $205 million at the end of 3Q:24, and net leverage of 2.2x, down from 2.8x. We maintain our $42 price target based on 18x our 2027 EPS estimate of $2.34. Our moderate risk rating recognizes PLOW's track record of earnings and cash flow and its modestly leveraged balance sheet.