CRA International recently participated in the Sidoti September Small-Cap Virtual Conference. Management noted that periods of heightened uncertainty remain beneficial for trusted advisors such as CRAI, with lower interest rates historically leading to increased M&A activity. We think both trends are likely in the near term, with increased support from the largest ever leveraged buyout on record announcement yesterday. Management reiterated 2025 guidance, which includes revenue (on a constant currency basis) of $730-$745 million and adjusted EBITDA margin of 12.3%-13.0%. 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 5.6% and 5.8%. Our new $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. Our prior $244 price target was based on 26x the same 2026 EPS estimate and projected net cash at year-end 2026. The increased multiple is a reflection of our expectation for greater M&A activity levels going forward and the reduced time horizon to our 2026 estimate. On a P/E-only basis, our price target implies a 28.7x (from 27.6x) multiple of our 2026 EPS estimate, which we view as consistent with high level consulting peers and recent trading levels. Strong fundamentals, high client retention and free cash flow support our valuation and moderate risk rating, in our view.