Beat-and-raise estimate-revision loop for KEYS: unpriced beat re-rates the stock up; a priced beat fades through the prior close and flips the read down. After the Q3 beat and Q4 guide clear consensus, sell-side forward estimates reset up at an unchanged multiple, which re-rates the price higher — unless the pre-earnings run-up had already priced the beat in, in which case the same news produces a sell-the-news fade that settles below the pre-report close and flips the read down. next beat restarts the loop Q3 beat + Q4 guide clears consensus beat not priced Sell-side FY estimates reset up Forward multiple holds flat Post-earnings price re-rates UP beat priced Run-up already priced the beat in Sell-the-news fade spike → settle prior close reclaims prior close → read holds Fails to reclaim prior close → DOWN threshold