There’s huge upside in shares of Cooper Firms , an organization identified for manufacturing contact lenses, in response to Baird. Analyst Jeff Johnson upgraded the inventory to outperform, noting he sees a rosy outlook in 2023 for the corporate, even when it misses expectations in its fourth-quarter earnings report subsequent week. “Whereas we anticipate COO to overlook FQ4 and information FY’23 EPS beneath Road, we have been inspired by latest still-healthy contact lens end-market checks and expectations pricing tailwinds may develop for CVI subsequent yr,” Johnson wrote in a Wednesday be aware. “We imagine FX and rate of interest dangers may even show extra manageable for the corporate in FY’23, and with double-digit EPS progress doubtless resuming within the again half of subsequent yr, we now see a path to bettering sentiment and share worth outperformance over coming quarters,” Johnson added. The analyst’s $370 worth goal, raised from $345, represents roughly 20% upside from Tuesday’s closing worth of $307.44. Shares of Cooper Firms are beneath stress this yr, down greater than 25% in comparison with the roughly 17% decline within the S & P 500. Nevertheless, the analyst stated that his checks into contact lens finish markets have improved in latest months. What’s extra, he expects that worth will increase for contact lenses that proved to be sticky this yr, will proceed in 2023. “Backside line, with shares of COO notably underperforming each the broader market and medtech extra usually this yr, we imagine the positives above needs to be sufficient to drive bettering sentiment on this identify over the following couple quarters and suggest traders attempt to get forward of that sentiment shift immediately, even forward of subsequent week’s FQ4 report,” Johnson wrote. —CNBC’s Michael Bloom contributed to this report.