ASO → $45.78 by Sep 9, 2026.

ASO dropped 11.5% over the 20 trading days through Aug 26 and underperformed SPY by 16.4 pts. Rough stretch. It closed at $43.60 on Sept 2. That’s about 6.6x the midpoint of adj EPS guidance at $6.40 to $6.80. At that multiple, the market is basically betting the recovery fades. But Q1 showed sales up 6.7%, comps up 2.9%, ecommerce up 17.4% and adj EPS up 22.4%. There are real risks. Transactions were down 1.5%, and gross margin fell 80 …