CRAI's management participated in the Sidoti Year End Virtual Conference last month, reiterating the company's key drivers for client demand. Global merger and acquisition activity finished strong in 2025, with deal value up 34% year over year in 4Q:25, further supporting demand trends at year-end. Management boosted its 2025 guidance in November to revenue (on a constant currency basis) of $740-$748 million (versus our $743.0 million estimate). Our unchanged EPS estimates of $8.25 in 2025, $8.83 in 2026 and $9.92 in 2027 imply annual growth of 8.6%, 7.1% and 12.4%, respectively. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $11.41 in 2025, $11.82 in 2026 and $12.80 in 2027 imply respective FCF yields of 5.3%, 5.5% and 6.0%. Our Street-high $260 price target is based on 24x our 2027 EPS estimate of $9.92, plus projected year-end 2027 net cash per share of $21.82. On a P/E-only basis, our price target implies a 26.2x multiple of our 2027 EPS estimate, which we view as consistent with premium consulting peers. Positive fundamentals and free cash flow support our valuation and the moderate risk rating, in our view.