We maintain our 3Q:25 adjusted EPS estimate of $0.32, as well as our price target of $17 and our Moderate risk rating. Star Equity Holdings, Inc. (STRR) is scheduled to report 3Q:25 earnings on November 7. This will be the first earnings release since the recent merger of Star Equity Holdings and Hudson Global. Only one month of combined operations will be reflected in the company's financial statements due to the timing of the merger. STRR's 3Q:25 revenue will be dominated by the Business Solutions segment, with about 80% of revenue, primarily from recruitment. While hiring sentiment is cautious globally, we believe recent employment data in key regions and STRR's 2Q:25 performance, point to a continued rebound in recruitment revenue. Going forward, Business Solutions will represent 60% of revenue, Building Solutions 35% and Energy Services 5%. For 2026, we project 9% revenue growth in Business Solutions as recruiting rebounds, 7% revenue growth in Building Solutions as the segment's backlog is converted to revenue, and flat revenue in Energy Services due to low oil prices. We maintain our 3Q:25 adjusted EPS estimate of $0.32 per share, and our full year estimate of $0.28 per share. We arrive at our price target of $17 by applying Hudson Global's five-year average multiple of 11 to our 2026 adjusted EPS estimate of $1.61. Our Moderate risk rating is anchored by STRR's low leverage, with a debt to total capital ratio of 20% once the merger is fully reflected in STRR's financials.