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While the analysts acknowledge that the consensus is mostly right and such rapid shifts in sentiment and positioning “can often be right as the collective intelligence of the market knows best,” they remain bearish on the growth front.
“We find it hard to get on board with the current excitement and narrative supporting it. In other words, if second half growth re-accelerates as expected, then the bullish narrative being used to support equity prices will be proven correct. If not, many investors may be in for a rude awakening given the very big reach for risk we are seeing,” they said in a client note.
Net-net, Morgan Stanley hasn’t changed its mind as far as growth is concerned and still expects to see a “more disappointing outcome.”
