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High quality stocks are on the cheap, said Abhijit Chakrabortti, Morgan Stanley chief global equity analyst.
“There is a great advantage for coming into these stocks now at these depressed valuations,” he said.
Chakrabortti points to a case of “complete capitulation” with Johnson & Johnson [JNJ
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], for instance, on “$5 of earnings next year and getting marked on pretty much at eleven times earnings.”
Disney [DIS
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], Nike [NKE
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], Coke
[KO
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], and Colgate [CL
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] were also sold down, he said.
“You couldn’t sell the things you really wanted to sell like lower quality construction companies or material stocks because there’s no bid for them,” he said. “So to raise money you have to sell the good quality stocks to raise money.”
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