American Express upgraded to Neutral at Citi following pullback

Citi upgraded American Express to Neutral from Sell with a price target of $154, up from $143. Shares pulled back recently, “putting less downside risk on the shares,” the analyst tells investors. While there has been a modest slowing in spend growth, credit quality has been “much more resilient than we expected” and the overall spending levels remain healthy, while net interest income and card fees are growing better than expected, the analyst tells investors.