Oppenheimer analyst Ben Chittenden reiterated his Outperform rating on American Express and has a $117 price target following last week's investor day. American Express has a strong brand that is building out its client touch points and a positive tailwind from tax reform which is driving corporate travel and expense, Chittenden told investors in a research note. He also pointed out that the biggest takeaway from the investor day "wasn't necessarily some updated guidance that one can plug into an earnings model," but that the company's long-term business model is "hitting on all cylinders," with a more confident tone regarding competition and its go-forward strategy. "It's a work in progress, but we continue to like the AXP story," the analyst said.

Wells Fargo raised the firm's price target on American Express to $265 from $250 and keeps an Overweight rating on the shares. The firm sees a good case for management to express greater confidence in or lean to the upper end of the EPS or revenue guide for 2024. With the macro haze fading, Wells believes investors will come away with a greater appreciation of the competitive position and moat.