Wells Fargo lowers S&P 500 forecast to 7700

Wells Fargo Bank has lowered its outlook for the S&P 500 index to 7,700 points by the end of 2026, down from 7,950 points, with downward risks estimated between 5% and 10% as the market approaches the end of the economic cycle. The bank has raised its earnings per share forecasts for 2027 and 2028 to $425 and $460, respectively. However, it anticipates a decline in valuation multiples rather than an increase in price gains linked to earnings. The bank has also adjusted sector weights, downgrading the technology sector and upgrading the healthcare sector, citing the rising value of the Korean won as a pressure point on the memory chip industry. Additionally, the stock allocation ratio has reached 72%, the highest since 1969, indicating a potential decline in stock returns in the coming years.

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