Q2 2026 Update: The Hidden Infrastructure Winner, +60.8% In 11 Months

Records everywhere, the target rises to $124, BUY becomes HOLD, and the position enters the trim list

Eleven months ago I sent a trade alert for the September ’25 stock pick, and a week later, the full deep dive. The company was unloved for good reasons: a decade of write-downs, courtroom fights with its own customers, and a stock that had lost most of its value from the 2018 highs. I argued the business underneath had already changed and the market simply hadn’t looked again. It traded at a single-digit multiple of FCF while carrying a record backlog.

Two weeks ago it reported the best quarter in its history. Revenue, operating income and cash flow all set records, guidance went up again, the dividend was raised 50%, and the balance sheet now holds more cash than debt by a wide margin. The shares are up 60.8% since the alert. It already passed my initial target price. The refreshed target price gives us a further 27% upside.

So this update deals with the harder half of investing. Buying an unloved company is uncomfortable but simple; deciding what to do with a winner that got expensive is the difficult portion, but don’t worry…that’s why I am here 🙂.

I test each pillar of the thesis against Q2 numbers, walk through the updated model, and explain whether the stock is still a buy or a hold.

What’s inside:

• TLDR

• How it ranks

• The quarter: records everywhere

• Thesis scorecard after Q2 2026

• Guidance: raised, and still padded

• Valuation: the target moves from $92 to $124

• The risk register after Q2

• Verdict