Nomura Securities Maintains a 'Neutral' on American Express (AXP); Billed Business Growth Held Up in September
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Price: $336.21 -1.83%
Rating Summary:
23 Buy, 23 Hold, 3 Sell
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Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
23 Buy, 23 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Nomura Securities maintains a 'Neutral' on American Express (NYSE: AXP) price target of $52.00.
Nomura analyst, Brian Foran, said, "Same store sales data from high-end retailers suggests that billed business growth held up for Amex in September. We remain concerned that the wealth effect may eventually put a dent in this trend, but for now we think 3Q ended fine on the billed business front. The three-day rally aside, global equity markets are still down nearly 20% in the past quarter. As a result, there is risk that the high end consumer pulls in discretionary spending if equity markets remain weak. That said it does not seem to have happened yet based on high end retail comps."
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 $44.43 yesterday.
Nomura analyst, Brian Foran, said, "Same store sales data from high-end retailers suggests that billed business growth held up for Amex in September. We remain concerned that the wealth effect may eventually put a dent in this trend, but for now we think 3Q ended fine on the billed business front. The three-day rally aside, global equity markets are still down nearly 20% in the past quarter. As a result, there is risk that the high end consumer pulls in discretionary spending if equity markets remain weak. That said it does not seem to have happened yet based on high end retail comps."
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 $44.43 yesterday.
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