Goldman Sachs analyst Ryan Nash maintained a Buy rating on American Express yesterday and set a price target of $350.00.
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Ryan Nash has given his Buy rating due to a combination of factors that highlight American Express’s strategic enhancements and competitive positioning. The recent refresh of its U.S. Consumer and Business Platinum Cards, which includes an increase in the annual fee to $895, is seen as a positive move. This change is expected to drive card fee growth through 2027, surpassing market expectations by approximately 4%.
Additionally, the enhanced value proposition of the card, offering around $4,200 in annual credits, significantly improves its competitiveness against peers like the Chase Sapphire Reserve. The improved benefits-to-fee ratio and the potential for increased organic growth rates of new card acquisitions further support the positive outlook for American Express in the premium card market.
Based on the recent corporate insider activity of 69 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AXP in relation to earlier this year.