UPDATE: J.P. Morgan Upgrades American Express On More Balanced Outlook

In a report published Thursday, J.P. Morgan analyst Richard Shane upgraded the rating on

from Underweight to Neutral, but lowered the price target from $95.00 to $90.00. In the report, J.P. Morgan noted, “AXP reported earnings Wednesday AMC. Billed business grew 9% YoY, while net revenue growth (adjusted for the travel business, which was spun out last quarter) was up 5%. EPS of $1.40 grew 12% YoY (vs. $1.37 JPMe and consensus). We are upgrading shares of AXP to Neutral (from UW) based on our view that the recent sell-off restores upside/downside balance. Our revised price target ($90 from $95) recalibrates valuation in light of broader multiple compression.” American Express Company closed on Wednesday at $80.93.