UPDATE: Goldman Sachs Raises PT on American Express on Stable Spending Trends

In a report published on Tuesday, Goldman Sachs analyst Ryan Nash raised the price target on American Express AXP from $70.00 to $76.00 with a Neutral rating. In the report, Goldman Sachs noted, "We recently hosted a meeting with American Express President Ed Gilligan. While the macro backdrop remains challenging from a growth perspective, AXP is managing for both the near and longer term by containing expenses and selectively investing in growth initiatives. We walked away feeling confident that spending trends are fairly stable (7% YoY in 1Q13) in most areas (premium, small business), as the wealth effect from higher markets and home price appreciation could be helping its premium customers and drags on overall performance (corporate travel, Europe) are fairly stable. Additionally, early indicators from fee-based initiatives (Bluebird, Loyalty Partner) are exceeding expectations and could have long runways, while further GNS partnerships (domestically and internationally) could be on the come." American Express is currently trading at $75.31.