Goldman Sachs Upgrades American Express (AXP) to Buy

Goldman Sachs upgraded American Express (NYSE: AXP) from Neutral to Buy with a price target of $102.00.Analyst Ryan M. Nash sees revenue improvement on the horizon.

"We upgrade AXP to Buy and see 13% upside, as an improving macro should drive upside to revenue (could reach 7%). Also, (1) increased customer acquisition, (2) share gains in lending, (3) growth from several key long-term initiatives, and (4) opex containment should drive upside to EPS. We are 2% above consensus in 2014 and 3% in 2015," said Nash.

"While thematically it does not “check all boxes,” shares trade at 13.1x 2016E (15.3x for peers), we think valuation reflects these risks," he added.

For an analyst ratings summary and ratings history on American Express click here. For more ratings news on American Express click here.

Shares of American Express closed at $88.63 yesterday.

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