Strategists led by Michael Wilson said in a note on Monday that they expect earnings to rebound sharply, with a 23% jump next year.
The Wall Street bank warned that the EPS of S&P companies could slip to $185 from $195 in 2023 before recovering to $239 next year. "The boom/bust period that began in 2020 is currently in the bust part of the earnings cycle — a dynamic that's not yet priced," Wilson said. Morgan Stanley predicted the index to rebound to 4,200 levels in 2024 while keeping its 2023-end target unchanged at 3,900. The index closed at 4,282.37 on Friday.
A slew of positive news, with expectations of a Fed pivot, persistent improvement in liquidity, and AI-related tailwinds to mega-cap names such as Nvidia CorpSuch factors have held back a correction in markets, the bank added.
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Morgan Stanley sees an earnings wipe out ahead for Wall Street's unloved stock rallyMorgan Stanley strategist Mike Wilson still expects "a meaningful earnings recession this year (-16% year-over-year decline) that has yet to be priced...
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