Goldman Sachs Group Inc. has become the latest bank to turn more bearish on stocks.

Goldman analysts led by Christian Mueller-Glissmann have downgraded global equities to ‘neutral’ over the next 12 months, recommending investors turn to cash instead. The firm also upgraded commodities to neutral as it sees oil demand rising, while sticking with an ‘overweight’ on corporate debt and ‘underweight’ on bonds.

Goldman is the latest Wall Street firm to have grown cautious on equities, with many citing a wall of stock market worries that includes lofty valuations, slower economic growth, and looming political risks. The average year-end target for the S&P 500 is now 2,150, according to data compiled by Bloomberg, just 5 percent above where the index closed on Tuesday.

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