Noting that the Federal Reserve will release a memo detailing proposed changes to bank capital rules to the public around 10 am today and is scheduled to vote on this proposal in a meeting starting at 10:30 am, Morgan Stanley analyst Betsy Graseck said BB&T (BBT) could be the biggest beneficiary with a 5% EPS increase if it is ruled that banks with more than $250B in assets that are not Global Systemically Important Banks should have more tailored regulation. Other potential beneficiaries of possible rule changes include American Express (AXP), Capital One (COF), Northern Trust (NTRS), PNC Financial (PNC) and U.S. Bancorp (USB), Graseck added.

Reports Q1 revenue $9.4B, consensus $9.34B.

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.