We maintain our 3Q:25 EPS estimate of $0.15, down from $0.23 in 3Q:24, on an unusually tough year over year comparison. As a reminder, the back half of 2024 was particularly strong from MHH with reported 3Q:24 EPS more than double that of the prior year period. We think client spending is likely to remain challenged in the near-term due to ongoing macroeconomic and geopolitical uncertainties. Gains will eventually be led by improving technology efficiency, cost control efforts and artificial intelligence (AI) adoption. As a result, we maintain our EPS estimates of $0.52 in 2025, $0.90 in 2026 and $1.01 in 2027. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $0.28 in 2025, $0.94 in 2026 and $1.04 in 2027 imply respective FCF yields of 4.1%, 13.6% and 15.1%. Our $15 price target is based on 10x our 2027 EPS estimate of $1.01 plus our year-end 2027 estimated net cash per share of $5.13. On a P/E-only basis, our target is 14.9x our 2027 estimate. The (P/E-only) multiple matches our reduced 5-year EPS CAGR of 15% (down from 20%). The strong balance sheet and free cash flow further support our multiple and the moderate risky rating, in our view.