Although risk assets face a “significant headwind” from war in the Middle East and anxiety over artificial intelligence disruption, underlying economic resilience and robust earnings growth mean the depth and extent of a pullback will be limited, the team led by Peter Oppenheimer wrote in a note. “We see correction risks as high given current valuations, but expect this to present a buying opportunity with relatively low risk of a more protracted and deep bear market,” Oppenheimer said.