Jefferies Starts American Express (AXP) at Hold

Jefferies initiates coverage on American Express (NYSE: AXP) with a Hold rating and a price target of $95.00.

Analyst John Hecht commented, "We believe that AXP's recent broader inclusion initiatives are likely to take some time to develop and that top-line growth is likely to be constrained in the near term. Further, we believe recent competitive pressures are likely to increase marketing as well as card member rewards expenses as industry participants vie to gain share in a post-CARD Act marketplace."

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 $90.44 yesterday.

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