Argus analyst Stephen Biggar upgraded American Express to Buy from Hold with a $130 price target. The analyst notes that the stock price decline of 22% over the past week has exceeded the 15% drop in S&P500, and while he is reducing his Q1 EPS view by 7% to account for the impact of the coronavirus, he expects growth in spending volumes to resume in the coming quarters as outbreak-related concerns dissipate. Biggar remains positive on the continued jobs and wage growth, the ongoing secular tailwind of cash payments to digital, and American Expresss-specific growth efforts, adding that the company also benefits from lower interest rates and borrowing costs.

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.