According to JP Morgan economists, the stock has been hampered by macro issues that will start to emerge in 2023 and look increasingly attractive. BULL CASE FOR STOCK „While we are not calling for a bottom in the stock market, we still believe that the risk versus reward for equities in 2023 has improved due to the downside in 2022.” „Given a lot of bad news already, we believe that the scope of the challenges ahead will be more limited than in early 2022.” „Importantly, the probability that stocks will be higher by the end of next year has increased enough to make this the base case.”