USA Compression: Balanced Hold Rating Amid Strategic Acquisition and Modest Financial OutlookWe increase our TP to $26 (from $25) to reflect the announced J-W Power acquisition. We view the acquisition favorably for several reasons. First, it’s accretive at a guided 5.8x ’26 EBITDA multiple. We estimate ~7% ’26 DCF/unit accretion with potential upside from both cost and commercial synergies (integration into shared services structure, cash tax savings, AMS synergies, etc.). Second, it’s deleveraging. We now expect USAC to exit 2026 comfortably below 4.0x. Finally, the transaction increases USAC’s scale and geographic exposure with >800k of active horsepower being added to the fleet, although pro-forma Permian exposure as a percent of fleet moves modestly lower.