Jefferies Remains Sidelined on American Express (AXP) Following 2Q Report
Jefferies reiterated a Hold rating and $60.00 price target on American Express (NYSE: AXP) following the company's 2Q earnings report. AXP reported adjusted EPS of $1.49 versus estimates of $1.10.
Analyst John Hecht commented, "AXP reported 2Q16 GAAP EPS of $2.10, modestly higher than consensus. When adjusting for the Costco gain and 1x expenses, we calculate EPS of $1.49 versus our $1.10 estimate. The upside appears to come from revenue as the provision was consistent with our forecast (despite better loan growth) while runrate expenses were modestly above our forecast. Importantly, 2016 guidance implies a quarterly run-rate of ~$1.00 per quarter for 2H16."
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Shares of American Express closed at $64.48 yesterday.