Megacap Earnings to See ‘Rude Awakening’ in 2023, Morgan Stanley’s Shalett Says
- Shalett says expectations from some big companies ‘delusional’
- Pinched consumer will fuel economic slump next year, she adds
Lisa Shalett
Photographer: Christopher Goodney/BloombergThis article is for subscribers only.
Morgan Stanley Wealth Management’s Lisa Shalett said some of the stock market’s biggest companies may see earnings hit far more than expected next year as economic growth slows and inflation erodes the purchasing power of consumers.
Such an outlook, she added, is not reflected in current earnings estimates, which remain too high despite multiple downward revisions.