Here are Roth MKM's top buy ideas for the fourth quarter

Published Wed, Sep 27 202312:08 PM EDTUpdated Wed, Sep 27 20231:22 PM EDT

Roth MKM is offering up its top picks for the fourth quarter as the final three-month stretch of 2023 approaches. Fears of rising rates and concerns that the Federal Reserve may not be done hiking marred the third quarter and pressured growth-focused technology stocks that flourished for the better part of the year. Quarter to date, the Nasdaq Composite is off more than 5%, lagging the S & P 500 and the Dow Jones Industrial Average . As 2023 nears an end, here are some of Roth MKM's top picks for the fourth quarter: Shopify is one of the names the investment firm is betting on for the period. Analyst Darren Aftahi sees "greenfield opportunities" for international expansion across Shopify's retail, point of sale and business-to-business segments, while also generating "meaningful" free cash flows. He views continued international expansion and its partnership with Amazon Prime as catalysts for the stock in the months ahead. The firm's $76 price target implies 48% upside. Shares have gained about 50% year to date. Roth MKM is also betting on Uber Technologies in the fourth quarter, which should benefit over time from improving advertising and subscriptions that should boost profitability, according to analyst Rohit Kulkarni. "We have conviction in an upward bias in Uber's estimates and see a clear pathway to > $5bn in FCF in '24," he wrote. UBER YTD mountain Uber shares since the start of 2023 Cannabis stock Verano Holdings also made the cut, with analyst Scott Fortune citing its "best-in-class operating metrics" and "lean cost structure." According to the firm, Verano shares look significantly undervalued and should get a lift from easing federal regulations and new U.S. adult-use states. The firm's $10 price target implies that shares can more than double from Tuesday's close, building on a roughly 55% year-to-date rally. Coors Light maker Molson Coors , energy drink manufacturer Celsius Holdings and mining company Piedmont Lithium were also included. — CNBC's Michael Bloom contributed reporting.