Wells Fargo has revised its year-end S&P 500 price target for the rest of 2026 to 7,300 from 7,800, citing risks that it did not anticipate when the year began. The move was made by equity analyst Ohsung Kwon, who cited the ongoing U.S.-Iran war and lower-than-expected tax returns as the main drivers. The new target still implies roughly 12% upside from current levels. Despite the revised target, Wells Fargo is not turning outright bearish, with its earnings per share forecasts unchanged at $315 for 2026 and $365 for 2027. The bank's inventory-based model also highlighted second-half inflation as a growing risk, suggesting upward price pressure is building relative to current levels, and the Iran conflict was not included in its initial 2026 outlook. Despite this, Kwon believes that the tech sector may offer an attractive entry point as oil supply shocks are more resistant to oil supply disruptions.