Markets are set to have “higher than average” returns this 12 months, after stocks posted their worst 12 months in 2022 because the financial crisis, in response to one analyst. David Katz, chief investment officer at Matrix Asset Advisors, told CNBC’s “Street Signs Asia” that the strong begin to the 12 months “gives us slightly bit more comfort in that occuring.” “We do think stocks have pretty good upside from here,” he said. He said he expects the U.S. Federal Reserve, which was very hawkish last 12 months, to “decelerate.” “We predict perhaps one or two more rate increases after which they’ll pause. That ought to give the stock market slightly little bit of a tailwind,” Katz said on Friday. Nevertheless, he added that he’ll be “buying on the dip, not chasing the rallies.” “We predict the general market is about fairly valued, but there are a lot of pockets of undervaluation,” Katz said. “We generally find that we’re successful buying fallen angels or growth stocks which have long trajectories at value prices.” “[We] recommend that investors position portfolios for higher times 12 months out and play offense, not defense,” he added. Stock picks Katz named 4 stocks he said appear to be quality businesses at attractive prices without delay. One among them is Alphabet , which has been locked in a battle with Microsoft for leadership in the unreal intelligence market because the launch of AI bot ChatGPT, which is backed by the latter. It has sparked investor enthusiasm for AI stocks, and prompted Alphabet to launch its own rival ChatGPT. But Katz said he doesn’t think Microsoft will “derail” Alphabet. “They’ve a excellent product by way of artificial intelligence and game plan,” he said, of Alphabet, adding that the tech giant has “embraced investment” and can adapt to the longer term. “We predict they’ll be a big continued player in search, they’ll have a product that competes very strongly available in the market,” he said, adding that investors are getting the stock at a “great price” currently. Alphabet shares were down almost 10% last week, as of Friday’s close. Katz also likes gas and chemical producer Air Products & Chemicals , which he said offers a “great buying opportunity.” “They’ve and growing dividend and long run they’ll be a deep hydrogen play, green energy play and you are not paying an excessive amount of for it,” he said. Its shares have lost nearly 7% year-to-date. Katz also likes biotech company Amgen and PNC Financial Services Group .
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