GOLDMAN NEW 12-MONTH S&P 500 TARGET IS 5900 "We cut our S&P 500 return forecasts to -5% (3-month) and +6% (12-month) from 0% and 16%. This implies index levels of ~5300 and ~5900. Due to higher tariffs, slower growth, and rising inflation, we lower EPS growth forecasts to +3% in 2025 (from +7%) and +6% in 2026 (from +7%), with new EPS estimates of 253 and 269—below both top-down and bottom-up consensus."