American Express (AXP) Loan Growth Accelerates in April As Travel Recovery Takes Hold - BofA Securities

BofA Securities analyst Mihir Bhatia reiterated a Buy rating and $206.00 price target on American Express (NYSE: AXP) after the company reported April operating metrics showing accelerating loan growth and stable credit. April US loan balances of $79.2B, rose 27.5% y/y, an acceleration from March which rose 25.3% y/y. US Consumer loan growth was 24.7% y/y (+22.4% in March) and US Small Business was up 36.8% (+36.1% in March). Sequentially, US loan balances were up 2.6% m/m which is faster than typical April seasonality (2012-19 average: +0.80%).

The analyst stated "Overall, we view the results positively. AXP had displayed strong operating momentum in 1Q results and that likely continued into April with both loan growth and credit metrics coming in better than expectations. We believe AXP is well positioned to benefit from recovering travel volume by both consumers and businesses."

For an analyst ratings summary and ratings history on American Express click here. For more ratings news on American Express click here.

Shares of American Express closed at $156.43 yesterday.

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