Morgan Stanley's preference for defensive quality stocks has only increased since June, even as major U.S. indexes have continued to reach new highs. "After a substantial rise in volatility the past two weeks, markets are looking for direction. Our view remains that growth is now the primary concern for equity investors, rather than inflation and rates," Michael Wilson, the firm's chief U.S. equity strategist, wrote in a Monday note to clients.
Analysts surveyed by FactSet have a price target on AbbVie shares that suggest just 3.2% upside from its latest close. This year, the stock is up roughly 23%. Aerospace and defense company Northrop Grumman is a firm favorite due to its long-term visibility and stability.
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