TER’s +10.5% move: fundamentals support a measured entry

I see the +10.45% session move as partly justified by strong fundamentals, though it does not change my underlying view and I cannot attribute it to any specific cause. Q2 2026 revenue climbed 103.9% to $1,329M, net margin reached 28.2%, and free cash flow was $378M; debt/equity remains just 0.03. Earnings momentum has also beaten estimates: Q3 EPS of $2.290 exceeded the $2.060 estimate by 11.2%, while 2027 consensus EPS is $11.991, up 27.0%. At $271.05, the stated 2027 P/E is 22.6x, with analyst median target $430. However, Q1 2027 EPS is forecast down 8.4% year over year and the stock remains 34.0% lower over three months. I’ll start a measured position rather than chase aggressively.