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Morgan Stanley’s Mike Wilson says some expensive stocks may stay below their highs for years

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Morgan Stanley's Mike Wilson said Monday richly priced stocks that have been under pressure by rising bond yields are likely to face headwinds for the rest of the year — and possibly beyond.

"I'm very comfortable saying right now that a lot of these stocks that made their highs for the year may have made their highs for years," Wilson said on CNBC's "Fast Money," emphasizing he meant "plural."

"If you are or have been invested in very expensive parts of the market, you're on warning right now," added Wilson, who serves as Morgan Stanley's chief U.S. equity strategist. "I think you need to be careful with valuation in those particular areas, because I think those stocks may not recover this year at all."

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