While Wall Street's expectations are lower this corporate earnings season, there are still several stocks Morgan Stanley said could rise in the near term.
Morgan Stanley's estimates for second-quarter earnings are down 9% year to date and flat sales growth, which the firm attributes to lagged and elevated costs.
Amazon is one of Morgan Stanley's top picks for this earnings season.
The firm believes potential catalysts include positive earnings revisions and its AWS Summit on cloud computing and generative artificial intelligence.
He added that multiple appreciation and earnings revisions could drive the stock upward.
Persons:
Morgan Stanley, Morgan Stanley's, Michelle Weaver, Brian Nowak, Brian Harbour, Yum, Elizabeth Porter, Porter, — CNBC's Michael Bloom
Organizations:
Pharmaceutical, Merck, Pfizer, Devices, Tech, Amazon, Yum Brands, Taco Bell
Locations:
North America, China