[theold]

"We don't think the bear market is over yet, assuming our earnings forecasts are correct," said Michael Wilson. Morgan Stanley's chief US equities strategist adds in a note to clients that the S&P 500 could fall to at least 3,400 points later this year. 

Should there be a recession, even 3,000 points would be conceivable as a sub-mark. “From there, prices should recover to our base (3,900 points) or bearish (3,350 points) target for the period through June 2023,” writes Wilson.

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