Morgan Stanley found some stocks that could have some cushion from the Trump administrations upcoming tariffs. Levies on imports from Canada, China and Mexico are are set to take effect on Tuesday. Though Commerce Secretary Howard Lutnick on Sunday suggested the duties on Mexican and Canadian products could be lower than the 25% first announced last month, the uncertainty has weighed on the market. The S & P 500 lost more than 1% in February. Moving forward, Morgan Stanley equity strategist Michael Wilson views tariffs as “more of a rotational driver than an index-centric one, though broader reaching tariffs (outside of China) with higher tariff rates could have a beta impact if they are sustained for an extended period of time.” Against this backdrop, Morgan Stanley sifted the market to find value stocks that could still see growth and are “more insulated” under the new tariff regime, thanks to their pricing power and overall market share. Here’s a look at some of the names that made Morgan Stanley’s list. Ulta Beauty made the list. The stock company has pulled back more than 16% in 2025. That said, analysts polled by FactSet’s average price target implies more than 28% upside for the stock moving forward. Morgan Stanley also upgraded Ulta in January, with analyst Simeon Gutman noting: “ULTA remains a strong, durable business in a dynamic and attractive category. As the Beauty industry continues to grow, ULTA’s top-line should follow.” ULTA YTD mountain Ulta Beauty stock. Apparel company Levi Strauss also made the cut. Shares have ticked up more than 3% in 2025. Levi in January reported better-than-expected results for the fourth quarter, though it also issued lackluster guidance. The company said it expects a strengthening U.S. dollar to be a headwind to sales moving forward. Morgan Stanley has an equal weight rating on the stock, but the FactSet consensus price target on Levi Strauss implies nearly 20% upside. Barclays analyst Paul Kearney earlier in the year initiated the stock with an overweight rating , noting: “While there are risks to LEVI that are both external and internal, we believe there is opportunity going forward, namely addressing share loss in men’s bottoms, improving operational capabilities and assortment optimization as the company further invests behind [direct to consumer], and building agility into the merchandising organization for tops.” LEVI YTD mountain Levi Strauss stock. Other names on the list include discount retailer Dollar General and gym chain Planet Fitness .
