Morgan Stanley throws in the towel: S&P 500 price target raised by 20%
by 20%, going from 4,500 to 5,400. The equity research team at Morgan Stanley was continuously calling for a deeper pullback in U.S. stocks, a stance which is now abandoned.
Positive operating leverage is expected to resume, particularly in 2025, supporting these optimistic growth estimates. Those include Software & Services, Consumer Services, Health Care Equipment & Services, Financial Services, and Media & Entertainment. According to the strategists, these industries possess greater opportunities for AI-driven efficiency improvements.
“Normalization in the market multiple is also a function of a higher risk premium , which reflects uncertainty around a wider range of potential outcomes,” strategists added. “As a result, we continue to recommend a barbell of quality cyclicals and quality growth ,” they continued.
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