LNG - Higher For Longer? 3 Of My Favorite Dividend Stocks I Expect To Keep Flying
2024-05-23 07:30:00 ET
Summary
- Morgan Stanley strategist Mike Wilson boosts S&P 500 target to 5,400 from 4,500, becoming more bullish.
- Despite the adjustment, Wilson still warns of the risks of a recession.
- In light of the market's strength, I present three high-flying dividend growth stocks that I expect to continue to perform very well.
Introduction
Did you hear the news?
Morgan Stanley's Mike Wilson is no longer bearish!
Who cares, you may ask?
It's a pretty big deal, as Mr. Wilson is not only one of the market's most prominent strategists but also one of the biggest bears - at least until now.
The strategist — whose bearish 2023 outlook failed to materialize as markets kept rallying — finally gave in and boosted his target for the S&P 500 to 5,400 points from 4,500. That catapults his forecast from among the lowest on Wall Street to one that projects a fresh record for the index. - Bloomberg
Due to his expectations of robust EPS growth and a modest multiple compression, he now expects the market to reach 5,400. That's a huge adjustment, as the chart below shows.
Bloomberg
Needless to say, this isn't an article to shame Mike Wilson.
Short-term forecasting is tough, and we're all wrong occasionally.
In general, I have to say that I follow his work, as it always contains food for thought....
Higher For Longer? 3 Of My Favorite Dividend Stocks I Expect To Keep Flying