Deutsche Bank cuts S&P 500 year-end target from Wall Street high

News Snapshot:

Deutsche Bank, which had held the highest year-end target for the S&P 500 index so far, slashed it by 12%, on mounting economic uncertainties fueled by the ongoing U.S. trade war. Similar to other global brokerages, Deutsche Bank cut its target to 6,150 from 7,000 but expects a recovery rally in stocks if trade tensions ease. Even after the cut, Deutsche Bank remains one among the few brokerages that hold a target above 6,000. Its U.S. counterparts such as Goldman Sachs and Citigroup expect the index to be under 6,000 by the end of the year. “While there have been...