BofA lowered the firm’s price target on American Express to $198 from $200 and keeps a Buy rating on the shares. The company’s October operating metrics displayed higher net-write off rates but resilient loan growth and were “slightly positive”, the analyst tells investors in a research note. While the 22bps increase in write-offs to 1.92% combined between U.S. Consumer and U.S. Small Business is trending ahead of the firm’s initial expectations, the increase was less stark than its peers, BofA added.
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