Bank of America is still bullish on American Express stock heading into second quarter earnings later this month.
American Express can do well even as the U.S. consumer faces headwinds, according to Bank of America. The bank called American Express a top pick, reiterating a buy rating and a price target of $205 per share. That target implies upside of nearly 20% from Monday's close. Analyst Mihir Bhatia said despite risks remaining to the broader sector if consumer spending slows and credit normalizes, American Express should continue to be more resilient than peers.
" American Express stock has added more than 16% in 2023, outpacing rivals Visa and Mastercard. AXP YTD mountain American Express stock has climbed 16.2% from the start of the year. But targets for the remainder of 2023 going into 2024 are still concerning for AmEx, Bhatia added, against a weakening macroeconomic backdrop as well as "exhaustion of COVID bounce-back travel spending." American Express will report second results on July 21.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of America ups price target on this little-known Inflation Reduction Act beneficiaryBank of America sees more upside in store for this under-the-radar beneficiary of reshoring trends and the latest government climate bill.
Read more »
Tolling starts this week on I-70 express lanes in northeast DenverThe extended grace period is over for Interstate 70’s express lanes on a 10-mile stretch through northeast Denver and Aurora. Starting Tuesday, drivers will have to pay tolls to use them if t…
Read more »
Dazed & Confused Celebrates 30th Anniversary With AFS and the Round Rock ExpressDazed & Confused celebrates 30th anniversary with AFS and the Round Rock Express. RRExpress austinfilm
Read more »
China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia ExpressChinese president Xi Jinping urges SCO member nations to cooperate on CBDCs, Malaysia attracts projects as Hong Kong crypto exchange licensing costs surge past HK$100M, and more in Asia Express.
Read more »
Romney, Lee express ‘grave concerns’ about alleged Chinese secret police facility in Salt Lake CityUtah Sens. Mitt Romney and Mike Lee signed on to a letter to Attorney General Merrick Garland expressing 'grave concerns' about alleged Chinese intelligence facilities in the U.S., including one in Salt Lake City.
Read more »