21 Jul 2026 03:19:50 ET │ 20 pages Vi e w p o i n t | US Application Software George Kurosawa, CFA AC +1-415-658-4247 george.kurosawa@citi.com – Model and TP Adjustments: We are raising margin ests for '26/'27 tied to the 6% RIF in the legacy biz (we believe primary in COGS & R&D), with CY26/CY27 EBIT to $407M/$462M from $404M/$448M. Despite incremental caution into Q2, we are ticking up our TP to $193 (from $177) on 27x CY27 EV/FCF on updated ests and an updated valuation regression; maintain Buy on a long ...