We expect EPS expansion (excluding stock-based compensation) to $0.13 in 3Q:25 from $0.10 in 3Q:24 on 3.5% lower revenue as management focuses on initiatives to drive growth and profitability expansion amid a challenging macro backdrop. On a non-GAAP basis, we project EPS of $0.31, in line with the consensus. We maintain our 3Q:25 and 2025 projections. Management does not provide quarterly guidance but has provided 2025 full-year targets; our estimates are within those guidelines. We expect a cautious but optimistic tone from management. We are scaling back our 2026 revenue projection due to an expected decline in annual recurring revenue (ARR) in 2025. We continue to be cautious given the challenging macro environment. FORR says it is focusing on improving its sales force; it has revamped its event team with a new leader and is adding new products to its offering. 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 16x to our tweaked 2026 non-GAAP adjusted EPS of $0.75 (was $0.76). Given Forrester's operating history, management experience, sustained profitability and cash flow generation, we apply a moderate risk rating.