US profit recession will persist, says Morgan Stanley’s Mike Wilson

Famous bear: Traders at work during the opening bell of the New York Stock Exchange. Wilson is ‘overweight’ cash and ‘underweight’ stocks. — AFP

NEW YORK: Morgan Stanley’s Mike Wilson is reinforcing his status as Wall Street’s most-famous bear.

The bank’s top US equity strategist reiterated his year-end target of 3,900 on the S&P 500 Index, warning in an interview with Bloomberg Surveillance that a profit recession is still underway.