Bull case and bear case

The bull case for a stock is the strongest realistic argument for why it could do well, laying out the catalysts, strengths, and conditions that would need to hold true. The bear case is the mirror image, the strongest realistic argument for why the stock could struggle or fail to work out.

Laying out both cases honestly, rather than only the one an investor already believes, is a useful discipline for stress testing an investment thesis before committing money to it, and for understanding what would actually need to change for the original thesis to be wrong.