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Fly News Breaks for March 2, 2020
Mar 2, 2020 | 07:46 EDT
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.
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