We estimate 4Q:F26 revenue increased 17% year over year to $570.1 million and EPS (including stock compensation expense) grew 6% to $1.00. Hardware demand has rebounded in F2026. We expect recent momentum to continue in 4Q:F26 as PLUS is positioned in mission critical areas of the IT market like cloud, data center, networking and security and the emergence of enterprise AI spending is driving demand. We think Cisco's (NASDAQ: CSCO, NC) recent earnings results and market commentary augur well for PLUS' upcoming earnings report. 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. We expect cash flow to rebound as working capital needs steady. We maintain our $115 price target based on 18x our F2028 EPS estimate of $6.36. Given the company's track record of profits and debt-free balance sheet, we assign the stock a Moderate risk rating.