UPDATE: Baird Downgrades American Express (AXP) to Neutral
- U.S. stocks, dollar sluggish, all eyes on Fed meet this week
- Tesla (TSLA) Tops Q2 EPS by 49c, Revenues Beat
- Chinese Tech Stocks Crushed on Fresh Regulatory Pressure
- Nearly $1 Billion Bitcoin (BTC) Shorts Liquidated Today Amid Amazon (AMZN) Rumors
- Aon (AON) and Willis Towers Watson (WLTW) Mutually Agree to Terminate Combination Agreement
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.
You May Also Be Interested In
- American Express (AXP) PT Raised to $197 at JPMorgan
- UPDATE: Rosenblatt Starts Altair Engineering (ALTR) at Buy
- UPDATE: Guggenheim Starts Jack In The Box (JACK) at Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesRobert W Baird
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!