Following our recent meeting with the company's new CEO, Adolfo Villagomez, (appointed in May), we came away incrementally more positive about FLWS as we argue that Mr. Villagomez is setting up the appropriate foundation to stabilize and then grow the business. While the near-term outlook remains cloudy, we think the company will, over time, benefit from management's emphasis on realizing cost savings and organizational efficiencies, strengthening customer focus, expanding its reach beyond e-commerce and enhancing talent and accountability throughout the enterprise. In addition, management appears to be more disciplined with capital and investment decisions as it looks to modernize the company. With enhanced synergies between brands, including more centralized marketing, we assume improved year-over-year earnings results in 2H:F26 and thus estimate a loss of $1.00 per share in F2026 will be followed by EPS of $0.31 in F2027. We maintain our $6 price target, which is based on 18x our F2027 EPS estimate of $0.31. Our moderate risk rating factors in our expectation for better earnings in 2H:F26 and F2027 and a projected return to positive free cash flow in F2027.