Last week, PC Connection's CEO Tim McGrath and CFO Tom Baker presented at the Sidoti June 2026 investor conference. As a leading information technology solutions provider to business, government, healthcare and education markets, we argue that CNXN is well-positioned to experience further EPS gains, even with challenges related to memory shortages, pricing increases, and sluggishness in the company's Public Sector. Overall, we think that AI adoption, recurring software revenue, professional services expansion, and operating leverage, are key drivers of future earnings growth. After EPS of $3.44 in 2025, we estimate EPS of $3.93 in 2026 and $4.44 in 2027. Our $76 price target is based on 12x our 2027 EPS estimate of $4.44, plus estimated net cash and investments of around $23 per share at year-end 2027. Our moderate risk rating factors in our projection of earnings growth through 2027, the company's solid balance sheet and healthy free cash flow generation.