Reported 2Q:25 EPS exceeded our estimate by $0.06, due to reduced SG&A expenses. Management noted that 3Q:25 revenue is expected to decline 5%-7% due to reduced client demand from U.S. Federal contractors and some other large customers. As such, we reduce our EPS estimates to $2.03 (from $2.13) in 2025 and $2.56 (from $2.85) in 2026. Kelly Services announced the appointment of Chris Layden as President/Chief Executive Officer, effective September 2. Mr. Layden will succeed Peter Quigley, who announced plans to retire earlier this year. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $3.16 (from $1.37) in 2025 and $3.69 (from $3.99) in 2026 imply respective FCF yields of 22.3% and 26.1%. Our $26 price target is based on 10x our 2026 EPS estimate of $2.56. The prior $29 price target was based on 10x our previous 2026 EPS estimate of $2.85. We view the multiple as appropriate as it nearly matches the average forward twelve-month P/E multiple of 11x over the last decade. Free cash flow generation, the diverse customer base and an attractive balance sheet support the multiple and moderate risk rating, in our view.