Jefferies Remains Sidelined on American Express (AXP) Following 3Q
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Jefferies maintained a Hold rating and $60.00 price target on American Express (NYSE: AXP) following the company's 3Q earnings report. Fee revenue helped to push EPS to $1.20, ahead of $0.96 estimates. Total non-interest revenues of $6.4B beat our $6.2B estimate primarily driven by better than forecast discount fee revenue and card fees.
Analyst John Hecht commented, "AXP reported 3Q16 EPS of $1.20, vs. our $0.96 estimate.The upside came from higher fee revenue - as the reported discount rate benefited from the Costco separation - and controlled opex, and the company has increased its focus on expense controls. Guidance was largely maintained. We maintain our Hold rating despite the positive 3Q given incremental risks associated with the transitioning elements in the business and the overall intense competitive environment."
Shares of American Express closed at $61.25 yesterday.
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