Jefferies Remains Sidelined on American Express (AXP) Following 3Q
- Health, tech stocks extend Wall Street record-setting rally
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Raises Price Target on Broadcom Ltd. (AVGO) to $210 Following 4Q
- Jefferies Adjusts Estimates on Ciena (CIEN) - PT to $29
- MKM Partners Raises Price Target on Ciena (CIEN) to $30 Following 4Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesJefferies & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!