UPDATE: JP Morgan Raises PT to $63 on American Express on Near-Term Headwinds
JP Morgan maintained American Express (NYSE: AXP) with an Underweight rating and raised the price target from $61.00 to $63.00.
JP Morgan analyst Richard Shane commented, "We view AXP to be in a challenging position in terms of regaining operating leverage, with obvious near-term hurdles looming (competitive pressures and slowing macroeconomic trends). We believe Y/Y spending comps will be increasingly tough, based on our thesis that confidence among higher end consumers is disproportionately at risk due to policy initiatives strongly favoring middle income consumers. While it takes time for the company to see results of new alternative payments initiatives, we see few near-term catalysts for the stock."
American Express closed at $65.50 on Monday.
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