Traders Cheer Morgan Stanley's New Overweight Rating on AmEx (AXP)
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American Express (NYSE: AXP) shares, although now just off session lows, are up nearly 2% today as a Morgan Stanley analyst started the stock at Overweight this morning. The credit card company's stock most recently traded at $41.64.
The firm, which set a $51 price target, believes that AmEx "should be one of the first credit card lenders to emerge from the credit downturn, supported by its affluent customer base." Morgan Stanley also said that it does not expect the recent interchange legislation to have any material impact on the stock.
With the stock trading around $41.58 today, Morgan Stanley's new price target represents potential upside of more than 22%.
To see all the market-moving analyst comments on shares of AmEx, visit our Analyst Ratings page.
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