Maintain existing PM position at $189.57 to collect the 3.13% dividend while avoiding new capital deployment at current levels, given 26x TTM P/E, three 2026 guidance cuts, Q2 EPS decline of 7.7% YoY, and a buyback pause. Tiered re-engagement framework with first add at $175-180 on confirmed 50 SMA retest with constructive volume and MACD histogram flip, second add at $170-173 on 200 SMA test that holds. Downside risk of 7-12% to $178/$168 versus only 6% upside to $201.