Morgan Stanley has turned 'even more bullish' on China and names its favorite stocks, including one tech giant it gives around 30% upside potential.
Wall Street is excited about China's reopening. Since the turn of the year, investment banks have become increasingly bullish on the world's second-largest economy, upgrading their outlook on its stocks. But Morgan Stanley is going even further: It's predicting that Chinese stocks will beat global markets this year.
She said the internet sector has a "very high correlation" with the consumption pick-up in China and should benefit from inflows from institutional names. "Global institutional investors are still quite significantly underweight these large-cap liquid names. And as global investor sentiment about China continues to recover, they need to close or at least narrow these underweight positions. And the most straightforward trade is to get back into the internet names.
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