Morgan Stanley’s Mike Wilson expects beaten-down sectors to bounce back at a much faster rate once the US economy starts recovering from the weakness induced by the coronavirus pandemic.
"We’re bullish overall, and we just think there’s more upside in potentially some of the laggard areas," Wilson, who is Morgan Stanley’s chief US equity strategist, told CNBC.
He prefers banks and consumer discretionary stocks at the current juncture given the sharp fall in the sectors since March.
"That’s not saying anything bad about Google or the largecap growth stocks. They’re wonderful companies. They’re wonderful business models, but they just don’t have the upside potential that some of these other laggard areas do," Wilson added.
Despite his overall bullish stance, Wilson advised investors to stay away from the energy sector even though they saw historical crashes in the wake of fall in demand due to the pandemic.
"I wouldn’t recommend diving back into energy given what’s going on there in the commodity markets."
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