‘A different animal’: The bear market is ‘over,’ but that doesn’t unleash bulls to send stocks on a 2023 tear, according to Wells Fargo
The bear market is finished as U.S. stocks climb in 2023, yet the upside is limited, according to Wells Fargo & Co.
“The bear market is over, but it is not the great reflation,” said Wells Fargo equity analysts led by Christopher Harvey in a research note Monday. “We see neither a bull nor a bear market, just a market.”
Wells Fargo highlighted “a different animal” in the stock market, saying investors should “expect some giveback, but not a Sharp near-term reversal.” The analysts said mid-cap growth stocks provide “the best risk/reward” profile, while preferring pharmaceutical equities as “the preferred defensive play.”
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