UPDATE: Goldman Sachs Downgrades American Express to Neutral on Limited Upside
Goldman Sachs downgraded American Express (NYSE: 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.
Latest Ratings for AXP
|Dec 2014||Jefferies||Initiates Coverage on||Hold|
|Dec 2014||Morgan Stanley||Assumes||Overweight|
|Dec 2014||Keefe Bruyette & Woods||Maintains||Market Perform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.