American Express (AXP) PT Raised to $83 at Piper Jaffray

Piper Jaffray raised its price target on American Express (NYSE: AXP) to $83.00 (from $82.00) while maintaining a Neutral rating. AXP reported 1Q EPS of $1.34, ahead of consensus of $1.28. Adjusted revenue growth accelerated to 7% in the 1Q vs. 6% in the 4Q driven by an acceleration in international and commercial billings volume growth and strong net interest income growth.

Piper Jaffray maintains 2017 EPS estimate of $5.80, at the high-end of AXP’s $5.60-$5.80 guidance.

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