BMO Capital lowered the firm’s price target on American Express to $188 from $194 and keeps a Market Perform rating on the shares. Despite the company’s net interest income-driven beat, the firm is lowering its out-year estimates by as much as 3% on marginally higher costs and slower growth, even though the stock’s valuation multiple has proven more resilient than peers so far this rate cycle, the analyst tells investors in a research note.
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