Morgan Stanley cut its 12-month outlook on the S&P 500 Index by more than 3% on Monday
– Cut its 12-month target for the S&P 500 to 2,200 from 2,275
– Expected forward price-to-earnings ratios of 16.6 (against prior of 17.2)
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The Morgan Stanley 3% cut to its S&P500 forecast everyone is talking about
