In a monthly survey, about a third of the 17 strategists cut their year-end targets for European stocks. Given the twists and turns in U.S. policy, professionals are starting to turn cautious. "Our tariff model shows that most of the impact on Europe is net exports, not consumption or other categories," said UBS strategist Gerry Fowler, who lowered his year-end target for the Euro Stoxx 600 index to 550 points. Barclays strategists led by Emmanuel Cau made the biggest cut, lowering their index target to 490 points from 580 points a month ago. But they believe the final outcome is very uncertain and Europe is relatively better positioned with the support of monetary and fiscal policies. Citi strategists led by Beata Manthey said the trading environment may continue to be volatile as macroeconomic/policy uncertainty remains high, "but if trade negotiations continue to proceed smoothly, we believe European stocks still have room to rise by 5-10% by the end of the year."