Eurotech: Operational Turnaround, Strengthened Financials, and 31% Upside Support Buy RatingWe see the turnaround gaining traction, with solid backlog (+20% YoY), reiterated S/L-term targets and improving trends, albeit headwinds from memory components suggest caution. We broadly confirm our estimates, implying sales CAGR 26-28E of 13.6% and positive EBITDA by FY26E. We upgrade to BUY (from HOLD), TP to Eu1.25/s (from Eu0.9), on execution momentum and re-rating potential.