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RBC Capital Markets Tuesday named its top 30 stock picks for 2022, including Amazon  (AMZN) – Get Amazon.com, Inc. Report, Dupont  (DD) – Get DuPont de Nemours, Inc. Report, M&T Bank  (MTB) – Get M&T Bank Corporation Report, Mastercard  (MA) – Get Mastercard Incorporated Class A Report and UnitedHealth  (UNH) – Get UnitedHealth Group Incorporated Report.

“Our U.S. equity strategy team expects 2022 to be a year of solid but more moderate returns relative to 2021,” Graeme Pearson, RBC’s global head of research, wrote in a commentary. 

The S&P 500 returned 29% last year including dividends.

The RBC analysts think U.S. stocks this year will be “supported by a strong economic, earnings, and cash deployment backdrop,” Pearson wrote. And they “believe that stocks remain attractive relative to bonds for now, though less so than a year ago.”

The 10-year Treasury yield recently stood at 1.67%, up from 0.93% a year earlier.

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That’s because of “strong assessments for fundamentals, valuations, cash deployment and margins, balanced by more cautious views regarding fiscal policy,” he said.

“While Covid, inflation, labor, supply chain, pricing power and regulation remain key issues in focus, our industry analysts are generally confident in their companies’ ability to manage through challenges including omicron.”

RBC’s favored sectors include financials, energy, technology, materials, utilities and healthcare.

Other stocks appearing on the RBC favorites list are American International Group  (AIG) – Get American International Group, Inc. Report, ConocoPhillips  (COP) – Get ConocoPhillips Report, Twilio  (TWLO) – Get Twilio, Inc. Class A Report, S&P Global  (SPGI) – Get S&P Global, Inc. Report, CrowdStrike Holdings  (CRWD) – Get CrowdStrike Holdings, Inc. Class A Report, Brookfield Asset Management  (BAM) – Get Brookfield Asset Management Inc. Class A Report, Royal Dutch Shell  (RDS.A) – Get Royal Dutch Shell Plc Sponsored ADR Class A Report and Louisiana-Pacific  (LPX) – Get Louisiana-Pacific Corporation Report.