We expect a continued focus on expense management and expanding contract value (CV) in 2026. Although we project 2026 revenue to remain flat, we expect a return to growth in 2027. During 2024, FORR completed the transition of clients to the new, more profitable Forrester Decisions platform. It also continued to pivot away from smaller vendors (i.e., less than $50 million in revenue) to focus on larger customers (i.e., with more than $1 billion in annual sales), where FORR says it believes it has a larger opportunity to expand by upselling and cross selling. Management has continued working on several initiatives to improve the company's performance, including retention work, pricing and packaging, and focusing on end markets where it sees a greater opportunity. Management has received positive early feedback from the recent release of Forrester AI Access and had a record contract win with the U.S. government, which should be a good reference contract for further wins. We expect FORR to continue to be net cash positive and prioritize organic growth, M&A opportunities, share buybacks and debt paydown. We derive our $12 price target by applying a 13x multiple to our 2027 non-GAAP adjusted EPS forecast of $0.95. FORR shares currently trade below the company's book value, making them attractively priced, in our view. Given Forrester's operating history, management experience, sustained profitability and cash flow generation, we apply a moderate risk rating.