Marko Kolanovic Isn’t Budging

On Monday, Wall Street's most prominent bear adopted a relatively constructive take on US equities. In a sweeping mid-year update, Morgan Stanley's Mike Wilson engaged in a kind of mark-to-market exercise, raising his 12-month S&P target to 5,400 from 4,500. That left JPMorgan as the lone bearish holdout among the majors. If you were wondering whether Marko Kolanovic's prepared to capitulate on his cautious stance, the answer's a hard "no." "With very high valuations (as well as tight cre