UBS Upgrades American Express (AXP) to Neutral; COF and DFS Also Upgraded
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UBS upgrades American Express Company (NYSE: AXP) from Sell to Neutral but cut its price target to $41, citing valuation which they said already reflects a weak outlook. UBS expects the company to increase forecasts for credit losses.
UBS also upgraded Capital One (NYSE: COF) ($39 tgt) and Discover Financial (NYSE: DFS) ($14 tgt) from Sell to Neutral.
The firm said Capital One has the most near term downside risk.
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