Investors should buy Procter & Gamble shares now, according to JPMorgan. Analyst Andrea Teixeira upgraded the Tide and Pampers parent to overweight from neutral. She also raised her price target by $5 to $155, which implies the stock could advance 10.8% from Thursday’s close. Teixeira said investors should try to get ahead of what she sees as a likely inflection point in its fiscal 2023 fourth quarter. She said pressures easing can also help the stock regain its reputation as an earnings compounder, a term used to describe businesses that get good return on capital they invest into the business. “While we previously viewed PG’s brand equity, strong marketing capabilities, and supply chain excellence/resilience positively in the current operating environment, we now believe the setup is more favorable as consumers remain resilient and PG will become an earnings compounder in 2HCY23 when cost pressures abate,” Teixeira said in a note to clients Friday. And she said the initial outlook for fiscal 2024 will serve as a catalyst, given the likelihood the company guides better per-share earnings with a stronger top line and margin improvement as pricing starts to offset costs. Procter & Gamble shares were up 1.2% following the upgrade in Friday premarket trading. The stock is down 7.7% this year after falling 7.4% in 2022, meaning it’s now underperforming the S & P 500 after outperforming last year. PG .SPX 5Y mountain Comparison chart between PG and S & P 500 The upgrade marks an undoing of last year’s downgrade, when the stock was underperforming large cap, multinational peers in the home and personal care products and beverages industries. Teixeira said the company is better set for strong performance than it was in 2022. To be sure, she noted that the company — and its peers in the consumer staples sector — has a connection to bonds. But she thinks investors will see the relative resilience of the company’s brands and its earnings compounder distinction as more important. The company’s ability to reinvest in brands in a bid to gain market share and focus on stock keeping units can also help in an environment where consumers may look to trade down to cheaper brands amid the changing economic environment. “PG remains one of the higher quality names among our HPC coverage and we believe investors will grow an appreciation for its speed to market of innovation and superior execution,” she said. — CNBC’s Michael Bloom contributed to this report.