American Express price target raised to $246 from $220 at Argus

Argus analyst Stephen Biggar raised the firm’s price target on American Express to $246 from $220 and keeps a Buy rating on the shares after the company reported Q1 earnings of $3.33 per share, up from $2.40 a year earlier and above the consensus of $2.98. The firm expects continued healthy spending volume from AmEx’s generally affluent cardmembers, who are less impacted by inflation, and sees the company’s marketing leading to good cardmember growth, the analyst tells investors.