Bullish bears
Most bullish bear ever
We had "best recession ever" and now Mike Wilson becomes the most bullish bear ever. Mike Wilson expects near-term uncertainty to give way to an earnings recovery. For December 2024, Mike forecasts a 17.0x P/E multiple on 12-month forward EPS (2025) of US$266, which equates to a 4,500 price target ~12 months from today. Mike sees a strong earnings growth environment in 2025 (+16%Y), as positive operating leverage and tech-driven productivity growth (AI) lead to margin expansion. (Morgan Stanley)
Back to neutral
Aggregate equity positioning has bounced, now back at neutral. Imagine they start chasing this for real...