RBC Capital raised the firm’s price target on American Express to $250 from $226 and keeps an Outperform rating on the shares as part of a broader research note previewing Q1 results among Consumer Finance companies. The firm believes that the fundamentals for the group are driven by the final stages of credit normalization, with outlooks generally calling for peaking charge-offs by mid-year, the analyst tells investors in a research note. RBC adds that it continues to respect the macro uncertainty, which drives its “more selective” stock recommendations, though it also remains “cautiously optimistic” given favorable unemployment trends and GDP growth outlook.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AXP:
- Barclays downgrades American Express on balanced risk/reward into earnings
- American Express downgraded to Equal Weight from Overweight at Barclays
- Delta Air Lines (NYSE:DAL): Is this SPX Stock a Buy Ahead of its Q1 FY24 Results?
- CLEAR, American Express renew partnership to provide travel experiences
- American Express (NYSE:AXP) Gets Analyst Hike, Shareholders Pleased