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Wells Fargo cuts S&P 500 forecast
Wells Fargo Bank has lowered its target for the S&P 500 index to 7,700 points by the end of this year, down from the previous 7,950 points, indicating that markets are beginning to enter a phase of valuation contraction based on expectations of declining valuations and supported by the index closing at 7,619 points with a slight upward margin. Additionally, the bank has raised its earnings forecasts, expecting earnings per share to reach $425 in 2027 and $460 in 2028, compared to previous estimates.
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