UPDATE: Jefferies Lowering Price Target on American Express

Jefferies & Co. is out with a research report on American Express

and is lowering its price target to $50 from $53, but is keeping its Hold rating on shares. In a note to clients, Jefferies & Co. writes, "We expect credit normalization to begin in early 2012, driving credit losses and provision expense higher. Credit normalization combined with the loss of $880M in annual legal payments from V and MA will likely inhibit meaningful earnings growth in 2012. Assuming coverage with a Hold rating and $50 PT." Shares of AXP closed at $43.48.