After a much improved 2025 (relative to 2024), we remain optimistic that PBI will further improve EPS in 2026 and 2027 even as the company, like others, deals with macroeconomic uncertainty. As Pitney Bowes starts to lap easier comparisons in the back half of this year (especially in its Presort Services segment), we still expect a stronger 2H:26 relative to 1H:26 After buying back about 36 million of its shares for $378.4 million in 2025, PBI has increased its share buyback program by another $250 million. Mainly reflecting updated revenue, margin and tax rate forecasts, we increase our 2026 and 2027 EPS estimates to $1.42 and $1.50, respectively (from $1.40 and $1.47). We maintain our $17 price target, which is based on approximately 12x our updated 2027 EPS estimate of $1.50 (was $1.47). Our moderate risk rating factors in our expectation of additional EPS gains and ample free cash flow prospects, some of which we think will be used for dividends and share repurchases.