Electronic design company Cadence Design Systems is a stock to watch in the artificial intelligence space, according to Katie Stockton, founder and managing partner of Fairlead Strategies.
"Cadence Design is one stock that's just been forging higher, stair-stepping higher, if you will," Stockton said during a special PRO Talks roundtable on A.I.
The stock has outperformed in both 2022 and so far in 2023, with Stockton noting the stock was one of few in the AI space to not underperform the broader market last year.
And Stockton said some short-term gauges suggest the stock can push through what she described as a short-term consolidation period.
More than four out of every five analysts rate the stock a buy, according to Refinitiv.
Persons:
Katie Stockton, Stockton, It's, Trent Masters, Masters
Organizations:
Cadence Design Systems, CNBC, Cadence, Trent, Alphinity Investment Management
Locations:
Stockton