With FLWS looking to improve the productivity of its marketing and advertising spending, we estimate that revenue in 2Q:F26 declined 10% year over year to $698.2 million. As we expect some gross margin compression as well, we project EPS of $0.80 in the December quarter compared to EPS of $1.08 a year earlier. While macroeconomic and tariff uncertainties remain, we note that FLWS is starting to lap easier comparisons, and we expect the company will begin to benefit from expanded sales channel distribution as well. With CEO Adolfo Villagomez (started in May 2025) stressing the importance of improved accountability and sharing of best practices, we assume that revenue will start to recover in 4Q:F26. Factoring in some gross margin improvements from centralized procurement along with further streamlining of the business, we anticipate improved net results in 2H:F26 and F2027. We maintain our $6 price target, based on 18x our F2027 EPS estimate of $0.31. Our moderate risk rating factors in our assumption for improved results in 2H:F26 and F2027 and expected return to positive free cash flow in F2027.