There are still plays to be made even if the broader stock market struggles next year, Barclays says. Indeed, some names could have upside of more than 20%. Barclays' Terence Malone said to expect a shallow recession in 2023 as the outlook for the market remains "extremely challenging" due to geopolitics, higher interest rates and an ongoing reversal of globalization. "Our U.S.
With that in mind, Malone screened for overweight stocks that will be defensive in a recessionary environment, looking at risk-reward ratios, upside trends and volatility. The average estimated upside of Barclays' picks is 20% as of Nov. 1 – with one poised to gain more than 60%. Animal pharmaceutical company Zoetis has the biggest potential upside among Barclays' list at 64%.