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Wells Fargo has cut its S&P 500 price target down to 5,700, warning investors of a potential 10% market pullback on the horizon. Equity allocations have climbed to an extreme 72%, creating a 12% valuation gap above historical fair value. While broad index quantitative models maintain a buy rating, major institutional strategy is turning defensive. The firm downgraded the technology sector to equal weight while upgrading healthcare to overweight, favoring resilient software over semiconductor stocks that remain at risk of retesting summer lows.
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