EssilorLuxottica has plenty of untapped opportunity ahead in its advance into smartglasses, analysts at UBS write in a note. The Franco-Italian eyewear behemoth has seen questions raised around its partnership with Meta on several models of AI-equipped glasses, which some analysts say could dilute the Ray-Ban maker's margins and eat into core eyecare demand. But in reality, demand remains strong and there is scope to boost awareness of the category, UBS says. That suggests EssilorLuxottica shouldn't worry about new rivals entering the smartglasses market, the bank says. "Our long-standing view has been that greater competition is necessary to help build the category and accelerate adoption in the US and globally," the analysts say. (joshua.kirby@wsj.com; @joshualeokirby)