We've always viewed TAL as a high-growth compounder, but confidence (ours and investors') has been buffeted in recent quarters by erratic OPEX spikes, lopsided buybacks, and IR policy changes. We think these 'normalized' results should help re-engage investors and rebuild trust. Granted, we do see the need for this to continue for a few more quarters, but this quarter is a strong start — hence our upgrade to OW. We raise our Dec-26 PT to $16 (from $12), now based on 15x CY27E EPS (was 15x CY26E), implying 3 ...