Morgan Stanley: Prefers mega-cap cloud computing companies, maintains S&P 500 target at 8,000 points

The Morgan Stanley strategy team led by Mike Wilson stated that over the coming months they prefer mega-scale cloud computing enterprises rather than chip companies. Morgan Stanley maintains its year-end target for the S&P 500 Index at 8,000 points, and warns that if momentum trading reverses or the Middle East conflict escalates, the index may fall back to around 7,000 points.