Jin10 data, April 24, reports that one of Wall Street’s largest long positions is abandoning expectations for a significant rise in U.S. stocks this year. Deutsche Bank strategists, led by Bankim Chadha, have lowered their year-end target for the S&P 500 index by 12% to 6150 points, indicating that the index can only recover the losses since the February high. The team also believes that S&P 500 earnings will decline by 5% this year, while the consensus expectation is for a rise of 8%. Deutsche Bank has been one of the most bullish institutions on this index. The strategists stated, “Given the potential impact of tariffs is substantial, and likely to fall disproportionately on U.S. companies, we are lowering our earnings per share forecast for the S&P 500 in 2025 from $282 to $240.”
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