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Weakening corporate earnings in 2023 won’t weigh down on stocks in a severe way as many think, according to BlackRock strategist Kate Moore.

In an interview with Bloomberg TV on Friday, she cautioned about the short term due to large amounts of uncertainty surrounding the market but is more optimistic about equities in the medium term.

"There's a decent probability that the super bearish economic and earnings calls for 2023 are not going to prove right. In fact, there's a chance things are more resilient, and we'll find some interesting buying opportunities in the first quarter," Moore said.

Still, she acknowledged that a US recession is looming and many Wall Street investors, analysts, and corporate CEOs are expecting it to happen soon.

However, that also means companies are now bracing themselves for a recession, which could form a barrier to the market from the worst of losses, Moore said. 

"I do think companies are really going to work extremely hard at defending their bottom line, in the cost cutting, managing higher input costs, managing slower demand, and perhaps slightly slower revenue growth," she said. "And I don't think earnings are going to be catastrophic next year."

Meanwhile, in other parts of Wall Street, predictions have been pessimistic. Morgan Stanley's chief stock strategist Mike Wilson warned that corporate earnings estimates were still at least 20% too high for 2023.

Meanwhile, Bank of America, Morgan Stanley, and Deutsche bank have warned of a 20% slump in stocks, as still persistent inflation and high-interest rates continue to rattle the market.

Investors are pricing in a 50-basis-apoint rate hike from the Fed next week, but markets are still unsure how far the central bank will raise rates, or how sticky inflation will be on the downtrend.