American Express (AXP) PT Raised to $114 at Oppenheimer

Oppenheimer analyst Dominick Gabriele raised the price target on American Express (NYSE: AXP) to $114.00 (from $111.00) while maintaining an Outperform rating.

commented, "AXP reported in-line PPE but better credit costs, leading to an EPS beat of $1.88 vs. our/consensus $1.78/$1.77E, and raised guidance to $7.30-$7.40. We continue to believe credit quality is likely better than expectations for our card players, yet up until this point saw AXP as more a revenue growth story. Fundamentals are showing strength heading into 2019 on both revenue and credit. FX-adjusted worldwide billed business growth accelerated, as did discount revenue growth from compounding effects of a better than expected discount rate. Levers exist to raising card fees, leaving a long fee growth runway as consumers see value. Fundamentals likely have more room to run, and thus investors should take advantage of the recent market pullback."

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