Global deals totaled $3.0 trillion year to date through the end of 3Q:25, up 33% year over year, according to LSEG (London Stock Exchange Group, a leading provider of market data). The Antitrust and Competition Economics practice is the largest within CRAI at approximately 45% of revenue and directly benefits from increased deal flow, in our view. We maintain our 3Q:25 EPS estimate of $1.82, up slightly from the challenging $1.77 reported in the year-earlier period. In July, CRAI reiterated 2025 guidance, which includes revenue (on a constant currency basis) of $730-$745 million and adjusted EBITDA margin of 12.3%-13.0%. We maintain our EPS estimates of $8.05 in 2025 and $8.83 in 2026, which imply annual growth of 6.1% and 9.6%, respectively. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $11.39 in 2025 and $11.82 in 2026 imply respective FCF yields of 6.1% and 6.3%. Our $253 price target is based on 27x our 2026 EPS estimate of $8.83, plus projected year-end 2026 net cash per share of $14.39. On a P/E-only basis, the price target implies a 28.7x multiple of our 2026 EPS estimate, which we view as consistent with its high level consulting peers. Strong fundamentals, high client retention and free cash flow support the valuation and the moderate risk rating, in our view. CRA International is scheduled to present and host 1x1 meetings at the Sidoti Year-End Virtual Investor Conference on December 10-11.