Wells Fargo Investment Institute on Tuesday cut the S&P 500’s target for the end of 2015 to a range of 2,025 to 2,125 from 2,150 to 2,250. “We recommend that investors look to 2016 as a year in which we expect higher earnings and attractive equity returns from current levels,” Stuart Freeman, co-head of global equity strategy at Wells Fargo Investment Institute, said in a report. Goldman Sachs also lowered its S&P 500 target for the end of 2015 to 2,000 from 2,100 and trimmed this year’s S&P 500 earnings-per-share forecast to $109 from $114. The large-cap index is up 0.3% to 1,887 following a five-session losing streak.
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