PLUS's positioning in high demand areas of the IT market and emerging demand from enterprise AI spending keeps the company well positioned for growth, in our view. We are, however, trimming our F2027 and F2028 estimates to account for tougher comparisons from F2026 and potential market and macro risk factors. ePlus ended 3Q:F26 with no debt and cash of $326 million ($12.41 per share). Higher inventory due to an increase in projects in progress will negatively affect cash flow in F2026, but we expect cash flow to rebound as working capital needs get steady. We lower our price target to $115 (from $126), based on 18x our new F2028 EPS estimate of $6.36 (from $6.98). Given the company's track record of profits and a debt-free balance sheet, we assign the stock a Moderate risk rating.