Fly News Breaks for August 10, 2015
AXP
Aug 10, 2015 | 10:06 EDT
BofA/Merrill said the report on Friday that activist investor ValueAct Capital Management had taken a $1B stake in American Express resulted in a short-squeeze. The firm said activist investor involvement in American Express increases risk for short-sellers, but it doesn't see much for an activist to do. BofA/Merrill views American Express as well managed and said a change in strategy would not have a near-term impact on performance. The firm reiterates its Underperform rating and $72 price target on AmEx, given its uncertain financial performance and growth prospects.
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