Their previous call for 4,900 was set back in 10 January, so it comes before all the shenanigans involving the Russia-Ukraine conflict and China lockdowns. No doubt that the inflation outlook and squeeze on businesses (in turn earnings) and consumers are part and parcel of the picture now.

In case you missed it, Deutsche had earlier today called for the S&P 500 to fall to 3,650 before recovering to around 4,700 to 4,800 by year-end here.