American Express price target lowered to $172 from $179 at Piper Sandler

Piper Sandler analyst Kevin Barker lowered the firm’s price target on American Express to $172 from $179 and keeps a Neutral rating on the shares. The company missed earnings estimates in Q1, primarily due to higher operating expenses, particularly compensation expense, the analyst tells investors in a research note. However, American Express stated it expects operating expense growth to slow through the year, adds the firm. Piper expects compares will continue to get more difficult through the year and into 2024 as consumer leverage starts to impact spending capacity. It views the stock as fairly valued.