BofA Securities Upgrades American Express (AXP) to Buy

BofA Securities analyst Mihir Bhatia upgraded American Express (NYSE: AXP) from Neutral to Buy with a price target of $274.00 (from $325.00).

The analyst comments "We upgrade American Express to Buy from Neutral. We think the current downtick offers long-term oriented investors an opportunity to buy a high-quality company at a reasonable valuation. To be sure, the macro environment is uncertain and GDP growth is likely slowing. This is a headwind for revenue growth. But we think Amex’s high-quality customer base should drive more durable earnings while keeping credit losses in-check. Amex’s best-in-class management has been adept at navigating prior downturns and we think this time will be no different. Upgrade to Buy."

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 $246.89 yesterday.

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