On Wednesday, Steris earned an upgrade to its Relative Strength (RS) Rating, from 68 to 74.

When you're researching the best stocks to buy and watch, keep a close on eye on relative price strength.

This proprietary rating tracks market leadership by using a 1 (worst) to 99 (best) score that indicates how a stock's price performance over the last 52 weeks compares to other publicly traded companies.

History reveals that the stocks that go on to make the biggest gains often have an RS Rating north of 80 as they begin their largest climbs. See if Steris can continue to show renewed price strength and hit that benchmark.

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Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock goes on to form a chart pattern and break out.

Top and bottom line growth moved higher last quarter. Earnings were up 33%, compared to 0% in the prior report. Revenue increased from 6% to 45%.

The company earns the No. 7 rank among its peers in the Medical-Systems/Equipment industry group. Intuitive Surgical and Omnicell are also among the group's highest-rated stocks.