American Express price target raised to $152 from $133 at Citi

Citi analyst Arren Cyganovich raised the firm’s price target on American Express to $152 from $133 and keeps a Sell rating on the shares post the Q4 results. The analyst says the company’s 2023 outlook was far better than Citi’s prior model with 15%-17% expected revenue growth and earnings above consensus estimates. Nonetheless, management’s economic forecast "appears to be rather optimistic," the analyst tells investors in a research note. The firm believes consumer spending could contract and credit losses could rise faster than American Express expects. The analyst sees downside for shares, particularly after the 11% post-earnings move higher.