Positive Report for Exponent (EXPO) from William BlairWe believe consistent strength in reactive demand, midsingle-digit headcount growth, and steady price realization will support the company’s return to at least high- single-digit revenue growth in 2026 and beyond, with relatively limited fundamental downside and potential upside from improved proactive demand (particularly within consumer electronics). These dynamics, our belief that Exponent is a net beneficiary of AI in the medium term, and an attractive valuation (especially relative to historical averages) gives us conviction in the stock’s setup over the next 12 months, as does the company’s exceptional positioning, long-term growth opportunity, industry-leading margins, strong balance sheet, and the mission-critical nature of its services. A detailed summary of our upgrade rationale and highlights from last week’s investor meetings are included in the full report.