Ralliant Corporation: Strong Performance and Promising Outlook Justify Buy RatingWe attribute the positive rate of change to Defense & Space where 1H faced supply chain issues and inflection for the Industrial Mfg vertical within Sensors which inflected to +9% organic vs prior flat run-rate – a positive for our US Reshoring thesis w/ US activity outpacing EU + China (US Reshoring Deep Dive). RAL is guided Q4 to $535M - $550M revenue and 62c – 68c EPS, both of which bracket Cons $542M sales and 66c EPS. We see upside to the guide which calls for Q4 EBITDA margin of 20-21%, flat Q/Q vs the sequential topline ramp. The Q4 guide screens for upside on margins – note Q3 delivered a 36% sequential incremental on topline ramp (Q3 OM + 60 bps Q/Q) while Q4 implies not sequential op leverage.