A top Wall Street strategist says the stock-market rally is due for a reversal as a bubble forms — and warns investors not to equate surging prices with a healthy underlying economy

• Piper Sandler’s Michael Kantrowitz says investors are due for a rude awakening in 2H2023.
• The rally so far this year has been driven by multiple expansion, he said.
• But Kantrowitz points out that long-term earnings expectations aren’t rosy. 

Investors continue to celebrate signs of a soft landing for the US economy.