Wells Fargo cuts S&P 500 target to 7,700, sees 5-10% downside first

Wells Fargo cut its year-end S&P 500 (SP500) AMEX:SPY AMEX:VOO AMEX:IVV target to 7,700 from 7,950, saying the index has limited upside from current levels and could fall 5%-10% first as the market enters the late innings of the earnings cycle.Analyst Ohsung Kwon said the team has turned more cauti…