Morgan Stanley Says US Rally Isn’t Start of Bull Market
- Long-time bear sees risks from debt limit, banks, valuations
- BofA’s Subramanian raises 2023 S&P 500 price target to 4,300
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Major US stock-market strategists are starting a bull-bear debate, with pessimist Michael Wilson of Morgan Stanley warning that the latest rally is a head fake, while Bank of America’s Savita Subramanian raises her 2023 target for the S&P 500 Index.
Wilson was one of the few Wall Street strategists to see the 2022 meltdown coming, earning him the top spot in last year’s Institutional Investor magazine survey, and has remained one of the most bearish voices in the market even as the S&P rallied 9% to start 2023. At this point, he sees too many troubling triggers to believe the gains will stick.