American Express upgraded to Neutral at Piper after post-earnings pullback

Piper Sandler upgraded American Express to Neutral from Underweight with a price target of $151, up from $150. American Express shares are down over 20% since last earnings and now trade at a valuation level “rarely seen” for AmEx, the analyst tells investors. Though the firm expects revenue growth to slow heading into 2024 and sees incremental headwinds from weaker credit, Piper believes the company will continue to produce EPS growth of around 10% over the next two years and believes the stock is “adequately discounting a slower growth period.”