American Express stock, AXP stock, Amex stock


Morgan Stanley downgraded AXP to “equal weight” from “overweight”

Dow member American Express Company (NYSE:AXP) received several bear notes this morning, as analysts factor in recession concerns and a decrease in consumer spending. Morgan Stanley downgraded the stock to “equal weight” from “overweight,” Credit Suisse slashed its price target to $140 from $175, and Jefferies lowered its to $160 from $180. This negative sentiment is a continuation of yesterday, in which Barclays and Keefe Bruyette cut their price objectives as well.  

There is plenty of room for more bear notes, as 16 of the 30 analysts in coverage still carry a “buy” or better rating. Plus, the 12-month consensus price target of $180.76 is a 31.7% premium to AXP’s current perch at $140.22. Analysts are likely to chime in again after the credit card name’s second-quarter earnings report, due out July 22. 

Before today, the stock had been slowly making its way higher from a June 30 one-year low of $134.30, though the sharply descending 20-day moving average appears to have capped gains. Year-to-date, the equity is down 14.4%. 



Image and article originally from www.schaeffersresearch.com. Read the original article here.

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