UPDATE: Goldman Sachs Downgrades American Express to Neutral on Limited Upside

Goldman Sachs downgraded American Express AXP from Buy to Neutral and maintained a $65.00 price target. Goldman Sachs commented, "We downgrade AXP to Neutral from Buy; our price target remains $65. We see limited upside to out-year estimates (consensus of $4.75 in 2013E) without further expense cuts (beyond current restructuring). While fee income initiatives help and its multiple could re-rate, history tells us AXP needs 9-10% revenue growth to see multiple expansion, which we view as unlikely in 2013." American Express closed at $61.24 on Friday.