Goldman updates equity outlook:
1. Maintains year-end base case S&P target of 7600 (lowers PE multiple from 22x to 21x but offset by higher earnings)
2. In moderate growth shock scenario, expect S&P to 6300, consistent with a P/E multiple of 19x
3. In most severe oil supply shock sees S&P 500 level dropping 19% from current levels to 5400, bringing P/E multiple to 16x.
