We project a 4.4% year over year revenue decline in 4Q:25 with a 7.7% decline for full-year 2025 to $399 million, within the company's guidance of $395-$405 million. We expect a continued focus on expense management and expanding contract value (CV) in 2026. Although we project 2026 revenue will remain relatively flat, we expect a return to growth in 2027. 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 the focus for investors to be on pipeline conversion (which improved in 3Q:25), CV growth and initiatives in the Events business. 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's 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.