Nomura Securities Maintains a 'Neutral' on American Express (AXP); Review of 1Q Results

Nomura Securities maintains a 'Neutral' on American Express (NYSE: AXP).

Nomura analyst, Brian Foran, says, "Amex beat on lower provisions ($0.1bn, in-line with our forecast although lower than consensus provision of $0.4bn), but expenses came in higher than we and the street modeled ($5.2bn vs. consensus of $5bn). Thus we think street estimates will remain flat coming out of the quarter versus positive revisions at COF and DFS year to date as the expense overhang for the stock continues. Estimates and px tgt remain unchanged."

For more ratings news on American Express click here and for the rating history of American Express click here.

Shares of American Express closed at $47.00 yesterday.

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