Morgan Stanley thinks the growth stocks that have pushed the S&P 500 Index to record highs are poised to roll over, sparking a double-digit decline in U.S. equities. That’s one opinion. But the investment bank is also the most optimistic firm on Wall Street when when it comes to how much shares of two of those market leaders -- Amazon.com Inc. and Google parent Alphabet Inc. -- will gain over the next year. The stark contrast in Morgan Stanley’s outlook for growth stocks is a study in how assessing the short-term future prospects for even the most well-known and biggest businesses can spark deep divides -- even within the same bank. With top-down analysts free to operate independently from their single-stock peers, the two groups can often arrive at very different conclusions on the same companies. A representative for Morgan Stanley declined to comment on the firm’s diversity of opinions on U.S. growth stocks. Different Perspectives Chief U.S. equity strategist Mike Wilson has the ...

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