Last year’s plunge in the S&P 500 made uber bear Mike Wilson the most celebrated stock forecaster on Wall Street. It’s a role he has failed to reprise in 2023.
The chief US equity strategist for Morgan Stanley on Monday conceded that he stuck with the pessimism for too long amid a rebound that has left equity benchmarks within spitting distance of erasing last year’s decline. His forecast for the S&P 500 remains 3,900, a level that has been left behind in the index’s 19% jump to around 4,560.