BofA raised the firm’s price target on American Express to $263 from $247 and keeps a Buy rating on the shares. American Express shares were underperforming on Friday as investors digested weaker top-line results and higher marketing expense, the firm said in a research note on Friday. Given the soft spending backdrop, investors fear Amex needs to deploy additional marketing dollars to support its top-line forecasts. BofA thinks this is incorrect and misses the bigger picture.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AXP:
- Stock Market News Today, 7/19/24 – Indices Fall as Investors Rotate out of Megacaps
- Unusually active option classes on open July 19th
- AXP Earnings: American Express Shares Dip Despite Raised FY24 Earnings Forecast
- American Express raises FY24 EPS view to $13.30-$13.80 from $12.65-$13.15
- Options Volatility and Implied Earnings Moves Today, July 19, 2024