Трудно быть медведем на растущем рынке
It's hard to be a bear
Morgan Stanley в лице медвежьего Майка (Mike Wilson, US Equity Strategist) обновил свои прогнозы по S&P 500:
«Mike Wilson boosted his ’21 earnings forecast from $189 to $205 (cons: $201) largely due to the exceptional 1H’21 results that don’t persist. Also upped his ’22 estimate from $200 to $209 (cons: $219), which reflects a ~$9.00 headwind from higher taxes not included in consensus. However, he lowered his forward P/E multiple assumptions from 20x to 19x (both at year-end and through 2Q’22) based on increasing evidence of a mid-cycle de-rating playing out… a recalibration that bumped his YE’21 price target up from 3,900 to 4,000 (-10% downside). Mike’s June ’22 target was unch’d at 4,225… but his bull case increased from 4,450 to 4,800 based on assumptions described as “particularly optimistic”, while his bear case dipped from 3,800 to 3,700.»
Ранее про Майка в ТМ:
Пятнадцатипроцентная коррекция
Охлаждение EPS
Первый медвежий Майк