We have consistently detailed over the last several months (here, here, here) on what we saw as BELFB's return to growth story emerging. We believe that 3Q results verified this, and see further upside in shares as it continues to play out in the coming quarters along with continued margin strength. We are raising our PT to $188, from $178, on a combination of higher FY26 EBITDA and lower net-debt after BELFB repaid $28M in the quarter while cash balances remained flattish.