We reiterate our BUY rating and $110PT on HQY after the company's solid beat & raise in 3Q. However, most impressive to us is the expected ~3% cash AUM yield in ~47bps decline in the 5Y TSY since we updated our model on 10/13 (we had modeled 2.93% when the 5Y was at 4.64%). In our view, this illustrates the yield lift associated with HQY's enhanced rates products, which even our near Street high model did not fully appreciate. Going forward, we expect HQY to convert ~75% of the higher yields to gross profit (with some give-back at the Service revenue line), which should propel EBITDA growth of ~25% in F25E. Trading at 16x NTM Street EBITDA (which needs to come up to guidance), we don't think the EBITDA growth story is getting its due credit, and think ~25x makes more sense. With ~60% upside potential, HQY remains our Best Idea.