The breadth of PLUS's suite of products and services across high demand areas of the IT market has delivered a constituent track record of growth, according to management. We think enterprise AI spending will be another catalyst for growth that PLUS is well positioned to capitalize on. PLUS ended 1Q:F26 with no debt and record cash of $480 million ($18.20 per share). The Board is using the company's increased financial strength to reward shareholders with the initiation of a $0.25 quarterly dividend and a new stock repurchase program. We maintain our $92 price target, based on 20x our F2027 EPS estimate of $4.56. Given the company's track record of profits and a debt-free balance sheet, we assign the stock a Moderate risk rating.