American Express price target raised to $400 from $375 at Wells Fargo

Wells Fargo raised the firm’s price target on American Express (AXP) to $400 from $375 and keeps an Overweight rating on the shares. Variable customer engagement costs will rise on U.S. Platinum refresh, but that’s a high-quality problem in the firm’s view. For the stock, it’s all about billings and revenue growth which are trending better given a healthy affluent consumer, Wells adds. AmEx is the firm’s Top Pick.