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AXP

American Express

$101.00

-0.18 (-0.18%)

07:14
12/19/18
12/19
07:14
12/19/18
07:14

BofA/Merrill downgrades American Express to Neutral in 'hostile' market

As previously reported, BofA Merrill Lynch analyst Kenneth Bruce downgraded American Express to Neutral from Buy as he anticipates weaker sentiment for the stock to emerge given the broader market volatility and elevated uncertainty relating to the macroeconomic environment. While he sees AmEx continuing to "deliver its somewhat unique brand of top-line and bottom line growth," Bruce thinks valuation will be restrained following the stock's recent outperformance. Bruce cut his price target on American Express shares to $115 from $125 after lowering the multiple applied to his FY20 EPS forecast.

AXP American Express
$101.00

-0.18 (-0.18%)

12/19/18
BOFA
12/19/18
DOWNGRADE
BOFA
Neutral
American Express downgraded to Neutral from Buy at BofA/Merrill
12/14/18
WBLR
12/14/18
NO CHANGE
WBLR
William Blair reiterates Outperform rating on American Express
After spending time with CEO Steve Squeri and CFO Jeff Campbell, William Blair analyst Robert Napoli reiterates an Outperform rating on shares of American Express. The analyst believes there is clear visibility into the company "maintaining its accelerated revenue growth in a stable economic environment." American Express has accelerated organic growth into the high single digits through "wise investments," and it positioned to maintain that type of growth rate over the long term, Napoli tells investors in a research note. The analyst also believes American Express should be able to grow earnings at a low-double-digit pace. He notes that despite having outperformed the S&P 500 by a wide amount in 2017 and 2018, the stock remains at a "substantial valuation discount" to the S&P 500, despite faster top-line and bottom-line growth over the long term.
11/29/18
11/29/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. American Express (AXP) downgraded to Neutral from Buy at Buckingham with analyst Chris Brendler saying American Express is not expensive based on relative historical norms, but shares have outperformed other payment stocks year-to-date. 2. Intel (INTC) downgraded to Hold from Buy at DZ Bank. 3. Dick's Sporting (DKS) downgraded to Neutral from Overweight at JPMorgan with analyst Christopher Horvers saying he believes the risk/reward is "turning more balanced" following yesterday's Q3 results. 4. Volaris (VLRS) downgraded to Underperform from In-Line at Imperial Capital with analyst Michael Derchin saying the company is unlikely to be profitable in fiscal 2019 if the U.S. dollar/peso exchange rate remains at or above 20. 5. Constellation Brands (STZ) downgraded to Neutral from Outperform at Macquarie. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/29/18
BUCK
11/29/18
DOWNGRADE
Target $112
BUCK
Neutral
American Express downgraded to Neutral on valuation at Buckingham
As previously reported, Buckingham downgraded American Express to Neutral from Buy and maintained a $112 price target. Analyst Chris Brendler said American Express is not expensive based on relative historical norms, but shares have outperformed other payment stocks year-to-date. Brendler views shares considerably more balanced at these levels given late-cycle credit concerns and an increasingly "blurry" macro outlook.

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