Jefferies Raises Target on American Express (AXP) After In-Line Q1

Jefferies raised its price target on American Express (NYSE: AXP) from $50 to $58 but kept its Hold rating after in-line Q1 EPS of $1.07, $0.07 ahead of the Street's estimate of $1.00 and $0.02 ahead of JEF's estimate of $1.05. Total revenues, operating expenses, and credit costs were in-line with our forecast. A lower than expected tax rate drove the $0.02 beat to our forecast.

The firm trimmed Q2 EPS from $1.16 to $1.10, maintained FY12 at $4.29 and raised FY13 from $4.83 to $4.86.

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 $58.04 yesterday.

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