We trim our price target to $93 (from $100) following a 2Q:26 EPS miss, despite revenue growth above our projection, as margins were narrower than we forecast on North American ERP stabilization costs and inflationary pressure, particularly in EMEA. Revenue expanded about 2% year over year to $324 million, about 2% ahead of our estimate, on pricing and growing North American robotics sales (up 37% year over year), offsetting soft conditions in EMEA and APAC, and component shortages. Bookings increased almost 7% (on strength across all regions) with backlog up $18 million sequentially to $127 million, indicating continued healthy demand. Management is targeting full year 2026 robotics sales of $130-$145 million (from $85 million in 2025), benefiting from the launch of two new cleaners in 2H:26, and $250 million in 2028, supported by further product rollouts and channel expansion. 2Q:26 EPS of $0.83 missed our $1.18 estimate (consensus $1.33), almost entirely due to elevated SG&A costs, on inflationary pressures and continued elevated ERP expenses (as well as increasing R&D investments). Despite solid demand and modestly raised revenue guidance, management reduced full year EPS guidance to $3.80-$4.45 (from $4.70-$5.30) on higher costs. We model a robust EPS recovery in 2027 powered by healthy booking trends, growing robotics sales, and more normalized margins. However, we model a slower recovery and reduce our 2027 EPS forecast to $5.82 (from $6.60). Despite North American ERP implementation issues beginning in 4Q:25, which had hampered deliveries and raised costs, the balance sheet remains solid, with net leverage of only 2.0x at the end of 2Q:26 (at the high end of management's target). Our lowered $93 price target (from $100) is based on 16x our revised 2027 EPS estimate of $5.82 (from $6.60). It was previously based on 17x our former average 2026-2027 EPS forecast of $5.86. The lower multiple reflects the longer time horizon and current forward multiple for our industrial machinery peer group. Our moderate risk rating is supported by growing bookings and the solid balance sheet.