We initiate coverage of Medline Industries (MDLN) with a BUY rating and $46 PT. We believe Medline, the leading med-surg distributor/manufacturer, can continue to take market share, see margin expansion from conversion to branded products, and grow from M&A/entering new markets. Tariffs are a large but manageable risk. Our PT implies share can trade at 19x our CY27 adj. EBITDA est.