Rivian and Palo Alto among Top Tech Picks for 2023 at Cantor Fitzgerald

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By Senad Karaahmetovic

Cantor Fitzgerald analysts believe tech stocks offer an attractive entry point for long-term investors who are seeking growth exposure. Along these lines, the analysts highlighted several stocks that could outperform in 2023.

In the software sector, they pick Udemy (NASDAQ:UDMY) as a Top Pick as the market is undervaluing the online education business. Grid Dynamics (NASDAQ:GDYN) is the top fintech pick while Digi International (NASDAQ:DGII) and Riot Blockchain (NASDAQ:RIOT) are highlighted as top sustainability and crypto picks, respectively.

Moreover, Rivian Automotive (NASDAQ:RIVN) is their top Industrial & Mobility pick for 2023.

“With ample liquidity (~$13bn in cash), backing from Amazon (NASDAQ:AMZN, NC), which owns ~17% of the company, and the market under-appreciating access to federal funds RIVN could receive by opening up its own charging network, we believe risk/reward is attractive at current levels,” Cantor Fitzgerald analysts wrote in a note.

Similarly, Palo Alto Networks (NASDAQ:PANW) is the top stock to own in the Security & Infrastructure Software sector, according to the analysts.

“We view PANW’s current valuation as an attractive entry point to build or add as a core position in the cybersecurity space,” they added.