Wells Fargo Downgrades American Express (AXP) to Market Perform; Fundamentals Reflected in Current Valuation

Wells Fargo downgraded American Express (NYSE: AXP) from Outperform to Market Perform, price target range increased from $52-57 to $60-$64.

Wells analyst said, "We are downgrading our rating on shares of AXP to Market Perform based on our expectation for limited upside potential in the stock. Our valuation range is now $60-64, which does not offer sufficient upside to maintain an Outperform rating. We continue to believe that AXP has one of the premier consumer franchises within financial services; however, we would prefer investors add to positions at lower levels in order to improve their risk/reward profile." (Wells analyst points to expected commercial credit losses being persistent over the next few qtrs)

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 $59.06 yesterday.

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