Wells Fargo cuts S&P 500 year-end target to 7,700
Wells Fargo reduced its year-end S&P 500 target to 7,700 from 7,950, citing late-cycle growth concerns alongside political risk and pressure on technology stocks.
Wells Fargo cut its year-end S&P 500 target to 7,700 from 7,950, saying investors are moving into the late stages of the market's growth cycle as political risks and pressure on technology stocks cloud the outlook. The revised target implies only about 1% upside from the index's current level.