Citi Maintains 'Hold' Rating on American Express (AXP), Lowers EPS Estimates
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Citi maintains a 'Hold' rating on American Express Co (NYSE: AXP), but lowers EPS estimates. Price target $40.
Citi analyst says, "In conjunction with our September 28th credit card industry report (Credit Quality Update – “Back to Reality, Oh There Goes Gravity”), we are lowering our EPS estimates for AXP to $2.75, $2.95, and $3.45 for 2008, 2009, and 2010, respectively...Given recent negative trends within AXP’s monthly credit card Master Trust data, overall economic weakness, and expectations for further
deterioration in both credit and revenues in 2009, we remain cautious on AXP’s shares."
American Express Company (American Express) is a global payments and travel company.
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