Insteel kicked off F2026 with a solid start, posting 1Q:F26 EPS 18% above our forecast, despite sales modestly missing our estimate by 2%. Management continues to display its conviction in the company's demand and activity levels, supported by a “brisk” start to January and customer commitments for data center and infrastructure related projects that should carry through C2026. Insteel's Engineered Structural Mesh (ESM) product line appears to be gaining traction with data center developers and contractors who are prioritizing the speed-to-market benefit that ESM brings as a substitute to rebar. We raise our F2026 EPS estimate to $3.04 (from $2.94) as we expect higher spreads and gross margins to benefit IIIN in 2Q:F26. Our F2027 forecast remains unchanged. Insteel remains debt free, with $16 million in cash as of 1Q:F26. Our moderate risk rating reflects the clean financial profile. Our raised $42 price target is based on 13x our steady F2027 EPS estimate of $3.20, as we shift valuation to a F2027 basis. Previously, we valued the stock at 13x our prior F2026 EPS estimate of $2.94 to derive our $39 price target.