Jefferies Maintains Hold Rating and $50 PT on American Express

A report from Jefferies reiterates its Hold rating and $50 price target on American Express (NYSE: AXP).

The report states, “AXP reported 3Q'11 EPS of $1.03, $0.07 ahead of Street estimates and $0.09 ahead of JEF estimates. A benefit to taxes and lower provisions drove the beat as revenues and OpEx came in line with our estimates. Our thesis remains intact as we expect both credit normalization and the loss of legal settlement income in 2012 will cause earnings growth headwinds."

AXP closed yesterday at $46.13.