Barclays head of U.S. equity strategy Venu Krishna lowered the firm’s 2025 S&P 500 price target to 5,900 from 6,600, citing tariffs and deteriorating survey data. Barclays’ base case assumes corporate earnings take a hit as tariffs contribute to a material slowing in U.S. activity, which stops short of an outright recession, allowing valuations to gradually recover. The firm dropped its base case earnings per share estimate for S&P 500 to $262 from $271.
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