Wall Street analysts are expressing concerns about US equities just before the tariff deadline set by US President Donald Trump. David Kostin from Goldman Sachs Group Inc. has revised down his S&P 500 target for the second time this month, now predicting the benchmark to reach around 5,700 points by the end of the year, down from his previous estimate of 6,200. The adjustment is due to a higher risk of recession and uncertainty surrounding tariffs. Kostin warns that if the growth outlook and investor confidence worsen even further, valuations could drop more than anticipated. He suggests investors look for improvements in growth prospects, market pricing, or positioning before attempting to trade a market upturn. Concerns over the economic impact of Trump's trade war have caused US stocks to decline. Other Wall Street strategists, including Morgan Stanley’s Michael Wilson and JPMorgan Chase & Co.’s Mislav Matejka, are also adopting a cautious stance on the S&P 500 due to ongoing growth risks, potential inflation, and market pressures. Lori Calvasina from RBC Capital Markets highlights the S&P 500’s support level at around 5,500 points and warns of a possible 20% decline from the February peak if that level is breached.