Redburn-Atlantic Upgrades American Express (AXP) to Neutral

Redburn-Atlantic analyst Harry Bartlett upgraded American Express (NYSE: AXP) from Sell to Neutral with a price target of $255.00 (from $270.00).

The analyst comments: "Amex’s share price has fallen over 25% from its January high, underperforming both the S&P 500 (-16%) and the S&P 500 Banks (-18%) over the same period. We continue to have concerns around Amex’s ability to meet its 10%+ mid-term revenue growth aspiration, which is reflected in our below-consensus estimates. However, we feel that the valuation now more appropriately matches the future returns profile of the business. We lower our price target to $255 and upgrade the stock to Neutral."

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 $252.42 yesterday.

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