Morgan Stanley warns that the next 6 to 8 weeks remains seriously risky ⁠— but here are the defensive stocks it still wants you to search for

And that doesn’t bode well for the stock market.

“Downside risk remains most acute over the next 6-8 weeks,” Morgan analysts write in a note to investors. “We are firmly in the grasp of a bear market that is incomplete in both time and price.”

In order to deal with the uncertainty, the bank advises taking a defense-first approach.

“We recommend staying defensively oriented by running less risk than normal and searching for companies with superior operational efficiency and earnings stability,” the analysts say, adding that “any relief should be sold.”

In that context, here are three defensive plays that look particularly attractive to Morgan Stanley.

Coca-Cola (KO)

You don’t need to be a Wall Street analyst to see why Coca-Cola could be a great stock to own in turbulent times. Whether the market is rallying or plunging, a can of Coke is still affordable to most people.

Factor in the strength from its iconic brand portfolio — includes the likes of Sprite, Minute Maid, Vitamin Water and Powerade — and the fact that its products are sold in more than 200 countries, and it’s clear that the business model can thrive through thick and thin.

In Q4, the beverage giant’s net revenue grew 10% year over year, driven by a 9% increase in global unit case volume.

Last month, the company announced its 60th consecutive annual dividend increase, boosting its quarterly payout to 44 cents per share. The stock now yields an attractive 3%.

On Feb. 8, Morgan Stanley analyst Dara Mohsenian raised his price target on Coca-Cola from $65 to $71 while maintaining an overweight rating. The price target implies a potential upside of 20% from current levels.

Procter & Gamble (PG)

Procter & Gamble is another defensive stock that has the ability to deliver cash returns to investors in different economic environments.

Last April, P&G’s board of directors announced a 10% increase to its quarterly payout, marking the company’s 65th consecutive annual dividend hike. The stock currently offers an annual dividend yield of 2.3%.

It’s not difficult to understand why the company is able to maintain such a streak.

P&G is a consumer staples giant with a portfolio of trusted brands like Bounty paper towels, Crest toothpaste, Gillette razor blades and Tide detergent. These are products that households buy on a regular basis, regardless of what the economy is doing.

The business is growing, too. In the December quarter, P&G’s net sales totaled $21 billion, up 6% from a year ago.