![]() Other recommendations from the bank’s strategists include defensive stocks, developed-market investment-grade bonds, and for yield-hungry investors a preference for additional tier-one securities - a type of subordinated bank debt - over high-yield bonds. The benchmark is on the edge of a bull market following a 19.7% rally from an October low, gaining amid enthusiasm for artificial-intelligence stocks despite rate hikes from the Federal Reserve and concerns about a potential recession. Sheets’s team sees the gauge at 3,900 at year-end versus Friday’s close at 4,282.37. ![]() Morgan Stanley anticipates that S&P 500 earnings per share will come in at $185, compared with a median $206 prediction from strategists. “While a deteriorating liquidity backdrop is likely to put downward pressure on equity valuations over the next three months, we also see EPS disappointment ahead as revenue growth slows and margins contract further.” “We think that the downside risk to US earnings is now,” Morgan Stanley analysts wrote in a note published Sunday.
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