Goldman Sachs lowered its 2025 end-of-year target for the S & P 500 index from 6,500 to 6,200, reflecting a 4% reduction in the agency's fair forward price-to-earnings ratio (P/E) valuation from 21.5 to 20.6. At the same time, it lowered its earnings per share (EPS) forecast for index constituents, from $268 to $262 in 2024 and from $288 to $280 in 2025. (Jin Ten)