The ISG Index report released earlier this month stated that the Americas market for IT and business services was up 30% year over year to $17.3 billion in 3Q:25. Artificial Intelligence (AI) research and advisory services ended 2Q:25 with more than 350 clients, up from 200 in the prior quarter for the company. We maintain our EPS estimate of $0.07, up from $0.03 in 3Q:24, led by margin expansion driven by improved operating leverage, revenue mix and utilization gains. In August, management provided 3Q:25 revenue guidance of $60.5-$61.5 million and adjusted EBITDA of $7.5-$8.5 million. We maintain our EPS estimates of $0.23 in 2025 and $0.39 in 2026, with estimated revenue growth resumption beginning in 4Q:25. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates remain $0.19 in 2025 and $0.34 in 2026. Our estimates imply respective FCF yields of 3.2% and 6.0%. Our $8 price target is based on 20x our 2026 EPS estimate of $0.39. The multiple matches our five-year EPS CAGR projection and is a 17% discount to the 2025 P/E multiple as of last night's close. Free cash flow, the attractive global customer base and the solid balance sheet support the multiple and our Moderate risk rating, in our view.