Deutsche Bank Downgrades American Express (AXP) to Hold
Deutsche Bank downgraded American Express (NYSE: AXP) from Buy to Hold with a price target of $66. Analyst David Ho said he would prefer a better entry point.
"While 1Q16 results showed improvement in key metrics, rising expectations limits upside to the stock, and we prefer a better entry point. While we still like the embedded operating leverage, we are more cautious due to: 1) Rising revenue growth expectations; 2) More risk to sustaining and monetizing recent billings growth; 3) Lower perceived credit quality," said Ho.
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Shares of American Express closed at $65.02 yesterday.