Wells Fargo lowered the target point of the S&P 500 index from 7,950 points to 7,700 points at the end of 2026. The bank said that it is currently cautious about the US stock market, and it is expected that the market will have 5% to 10% downside in the short term. In the latest report, Wells Fargo's analyst team led by Ohsung Kwon raised earnings forecasts for US stocks and revised the 2027 and 2028 market earnings per share forecasts to $425 and $460, respectively. However, at the same time, the team pointed out that the US stock market has reached the end of the current market cycle, and the core logic of the subsequent market will shift to valuation contraction, making it difficult to continue to rely on profit growth to drive the upward trend.

Wells Fargo lowered the target point of the S&P 500 index from 7,950 points to 7,700 points at the end of 2026. The bank said that it is currently cautious about the US stock market, and it is expected that the market will have 5% to 10% downside in the short term. In the latest report, Wells Fargo's analyst team led by Ohsung Kwon raised earnings forecasts for US stocks and revised the 2027 and 2028 market earnings per share forecasts to $425 and $460, respectively. However, at the same time, the team pointed out that the US stock market has reached the end of the current market cycle, and the core logic of the subsequent market will shift to valuation contraction, making it difficult to continue to rely on profit growth to drive the upward trend.