Piper Jaffray Sees Growth At American Express Ahead of Thursday Earnings (AXP)

Piper Jaffray analysts Robert Napoli, Brian Hogan, and Jason Deleeuw reiterated an Overweight rating for American Express

ahead of the company's earnings report on July 22nd. Piper Jaffray expects a 16% spending growth at American Express, outpacing the industry average. The analysts said, "Credit quality has substantially improved for AXP, well-ahead of the industry by an impressive margin. The key to performance of AXP shares from here is its ability to convince investors that this is still a growth company." An Overweight rating and a $56 price target were reiterated. The price target is 16x 2011E EPS. Shares of AXP are currently trading at $41.58.