Buckingham Research Initiates Coverage on American Express (AXP) with a Neutral
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Buckingham Research initiates coverage on American Express (NYSE: AXP) with a Neutral.
Buckingham analyst says, "Although we expect the company’s strong business fundamentals to eventually be reflected in a higher stock price, challenging and uncertain near term credit trends and business volumes seem likely to continue to weigh on AXP shares. The release of Q2 results about July 24th and the company’s regular investor meeting August 6th could provide enough new information about the company’s credit exposure and near term prospects to give us more confidence about the near term outlook. Although the current valuation of AXP shares appears depressed when the firm’s long term prospects are considered, investors’ fear seems likely to continue to have more of a hand in setting valuations than the present value of expected future earnings until there is more clarity on the economic outlook and the ultimate financial cost of the current economic environment."
American Express Company (American Express) is a global payments and travel company.
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AXP
Guy on Jul 17, 2008 01:32 PMThe company's target growth rate is in excess of 15% annually for six years out, the majority of their customers are affluent, this is a value play, I will ride it to 60 bucks this year