Morgan Stanley's Mike Wilson has long been cautious about US stocks, but he's no permabear.

In fact, Wilson was called "the biggest bull on the Street" shortly after becoming Morgan Stanley's chief US equity strategist in spring 2017, and his bullish S&P 500 price target at the time soon proved to be accurate.

Wilson now sees another 20% selloff ahead as four-decade-high inflation and the Federal Reserve's aggressive response cause the economy to weaken.

"With our view for lower multiples and earnings now more consensus, the markets are more fairly priced," Wilson wrote in a June 21 note to clients. "However, it does not price the risk of a recession, in our view, which is 15% to 20% lower."

In that same note, Wilson listed 19 stocks that Morgan Stanley analysts think will hold up well amid the weakness.

 

1. Endeavor Group Holdings

Google

Ticker: EDR

Market cap: $9.4B

Sector: Communication Services

P/E ratio: 599.2x

2. Liberty Formula One

Markets Insider

Ticker: FWONK

Market cap: $26.9B

Sector: Communication Services

P/E ratio: N/A

3. Match Group

Markets Insider

Ticker: MTCH

Market cap: $20B

Sector: Communication Services

P/E ratio: 77.3x

4. Coca-Cola

Markets Insider

Ticker: KO

Market cap: $262B

Sector: Consumer Staples

P/E ratio: 25.5x

5. Monster Beverage

Markets Insider

Ticker: MNST

Market cap: $48B

Sector: Consumer Staples

P/E ratio: 35.8x

6. Exxon Mobil

Markets Insider

Ticker: XOM

Market cap: $372.8B

Sector: Energy

P/E ratio: 14.7x

7. Marathon Petroleum

Markets Insider

Ticker: MPC

Market cap: $47.8B

Sector: Energy

P/E ratio: 5.2x

8. Tenaris SA

Markets Insider

Ticker: TS

Market cap: $15.9B

Sector: Energy

P/E ratio: 10.4x

9. Eli Lilly & Co.

Markets Insider

Ticker: LLY

Market cap: $283.4B

Sector: Health Care

P/E ratio: 44.3x

10. Advanced Drainage Systems

Markets Insider

Ticker: WMS

Market cap: $7B

Sector: Industrials

P/E ratio: 26.1x

11. Alaska Air Group

Markets Insider

Ticker: ALK

Market cap: $5.1B

Sector: Industrials

P/E ratio: 11x

12. Deere & Co.

Markets Insider

Ticker: DE

Market cap: $98.7B

Sector: Industrials

P/E ratio: 16.9x

13. Delta Airlines

Markets Insider

Ticker: DAL

Market cap: $19.1B

Sector: Industrials

P/E ratio: 37.7x

14. Driven Brands Holdings

Markets Insider

Ticker: DRVN

Market cap: $4.5B

Sector: Industrials

P/E ratio: 71.2x

15. WillScot Corporation

Markets Insider

Ticker: WSC

Market cap: $7.1B

Sector: Industrials

P/E ratio: 35.6x

16. Zoom Video Communications

Markets Insider

Ticker: ZM

Market cap: $34.9B

Sector: Information Technology

P/E ratio: 28.4x

17. Sherwin-Williams

Markets Insider

Ticker: SHW

Market cap: $56.9B

Sector: Materials

P/E ratio: 31.9x

18. Invitation Homes

Markets Insider

Ticker: INVH

Market cap: $20.6B

Sector: Real Estate

P/E ratio: 67.4x

19. AES Corp.

Markets Insider

Ticker: AES

Market cap: $13.3B

Sector: Utilities

P/E ratio: N/A