Although FORR's 4Q:25 results missed expectations, key metrics showed a slight improvement. Management has undertaken several initiatives to improve the company's business model, go-to-market strategy and product offerings. The company plans to sunset its Consulting Strategy offering in 2026, which has an $8 million backlog, after its completion in 2026. After lower than expected 2026 guidance, we have reduced our estimates and reset our expectations for 2027. The company has taken several initiatives to improve its business and is focused on its proprietary AI offering, Forrester AI. A new chief sales officer has been appointed who has 14 years of sales experience with the company overseas, and a client success manager has been hired. We expect a continued focus on expense management and expanding contract value (CV) in 2026. We expect FORR to continue to be net cash positive and prioritize organic growth, M&A opportunities, share buybacks and debt paydown. Although we expect some one-time items to lower free cash flow in 2026, we anticipate FCF returns to 2025's level in 2027. We lower our price target to $6 from $12 on our lower estimates. Our new $6 price target is based on about 13x our lowered 2027 non-GAAP adjusted EPS forecast of $0.43 (previously $0.95). Given Forrester's operating history, management experience, sustained profitability and cash flow generation, we apply a moderate risk rating.