Morgan Stanley Sees American Express Company As Highest-Probability Bull Case
In a report published Tuesday, Morgan Stanley analyst Betsy L. Graseck reiterated an Overweight rating and $100.00 price target on American Express Company (NYSE: AXP).
In the report, Morgan Stanley noted, “Amex's US spend is poised to accelerate in 2Q14 after 1Q14's brutal weather drove airlines to cancel the most flights ever in one quarter. Better weather and some pent up demand are driving retail sales up 4% y/y in March/April vs. up 1.7% in Jan/Feb. Expect AXP's US spend growth up from +6.1% y/y in 1Q14 to +9.6% in 2Q, rev growth up from +4.0% y/y to +6.3% y/y. We boost EPS 2% in 14/15 on higher loan growth that should come with higher spend.”
American Express Company closed on Friday at $88.78.
Latest Ratings for AXP
|Jun 2016||Goldman Sachs||Maintains||Neutral|
|Apr 2016||Deutsche Bank||Downgrades||Buy||Hold|
|Apr 2016||Morgan Stanley||Maintains||Equal-weight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.