UPDATE: Baird Downgrades American Express (AXP) to Neutral
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Baird analyst David George downgraded American Express (NYSE: AXP) from Outperform to Neutral with a price target of $126.00.
The analyst comments "We are stepping to the sidelines on AXP after a strong rally from our March 2020 upgrade. While we like the franchise and find it to be a decent re-opening play, there seems to be reasonable amount of optimism in the stock despite a generally uncertain outlook. With the stock at ~14x our 2022 EPS estimate and ~8.3x PPNR (~15% premium to historical medians), we find shares to be fairly valued here. To the extent market weakness ever returns, this is one to consider on pullbacks."
Shares of American Express closed at $129.62 yesterday.
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