We upgrade TOMRA to Buy, as we now see tangible upside to valuation and view consensus estimates as more balanced. Our updated target price reflects slightly higher 2026e EBITA and positive FX revisions. We expect a notable uptick in Collection sales in H2, driven by the Poland rollout, and believe Recycling estimates have bottomed, with rPET prices up 27% YTD in Europe. Combined with a 7-year-low NTM P/E of ~25x, we believe this represents a rarely attractive entry point in TOMRA.