Deutsche Bank has revised its year-end S&P 500 target from 7,000 to 6,150, attributing the cut to the economic fallout from the U.S. trade war and lowering its 2025 EPS estimate from $282 to $240, indicating a 5% decline from last year. The bank anticipates increased market volatility, projecting a trading range between 4,600 and 5,600, with the lower end reflecting a typical recession decline. Despite the downgrade, Deutsche Bank's base case suggests a potential year-end rally if trade tensions ease, contingent on a significant drop in approval ratings to prompt a policy shift.