The S&P 500 is rebounding on Tuesday, pushing more than 2.3% higher following the string of events that sent the index into an official bear market.

Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanely (NYSE:MS) analysts warn that this rally may soon pop, and we will return to new lows.

"The Bear market will not be over until recession arrives or the risk of one is extinguished," said Morgan Stanley's Chief U.S Equity Strategist, Mike Wilson.

According to Wilson, if a full-fledged recession becomes the market's base scenario, the S&P 500 may bottom near 2,900, or more than 21% below its previous closing.

Investor sentiment on risk assets has deteriorated in recent weeks as rising inflation, and a hawkish Fed have heightened the threat of a prolonged economic recession.

Stocks were only pricing in a modest recession, according to Goldman Sachs strategists, "leaving them open to a further worsening in expectations."

The current bear market is cyclical, with better private sector balance sheets and lower real interest rates cushioning against systemic concerns associated with structural bear markets.

Here are some recent analyst ratings:

Goldman Sachs

DoorDash Inc (NYSE:DASH)

• Price target: $67
• Rating: Neutral

Shoals Technologies Group Inc (NASDAQ:SHLS)

• Price target: $22
• Rating: Buy

Sunrun Inc (NASDAQ:RUN)

• Price target: $40
• Rating: Buy

Sunnova Energy International Inc (NYSE:NOVA)

• Price target: $31
• Rating: Buy

SunPower Corporation (NASDAQ:SPWR)

• Price target: $19
• Rating: Neutral

Morgan Stanley

Occidental Petroleum Corporation (NYSE:OXY)

Price target: $74

• Rating: Equal Weight

Global Payments Inc (NYSE:GPN)

• Price target: $156
• Rating: Equal Weight

Fiserv Inc (NASDAQ:FISV)

• Price target: $118
• Rating: Equal Weight

Fidelity National Information Servcs Inc (NYSE:FIS)

• Price target: $114
• Rating: Equal Weight

FactSet Research Systems Inc (NYSE:FDS)

• Price target: $362
• Rating: Underweight