American Express Co. News:
American Express Co., one of the world’s leading credit card companies, has reported a strong second-quarter performance, surpassing analysts’ expectations and demonstrating its resilience in the face of sticky inflation and rising interest rates. The company’s ability to maintain steady growth in its affluent customer base and overall network volumes has allowed it to navigate challenges effectively.
Total network volumes for American Express climbed an impressive 8% to reach $426.6 billion in the second quarter that ended on June 30. This growth can be attributed to the company’s continued efforts in attracting and retaining a loyal and high-spending customer base. Despite the inflationary pressures and increasing interest rates, affluent customers have remained undeterred in their spending habits, contributing to the company’s overall success.
One of the standout aspects of American Express Co.’s performance during this quarter was its profit per share. The company reported earnings of $2.89 per share, exceeding the average analyst expectation of $2.81 per share. This positive surprise is a testament to the company’s strong business fundamentals and its ability to capitalize on consumer spending trends.
American Express Company Stock Forecast:
The average analyst target price for American Express Company over the next 12 months is USD 172.87, and the average analyst rating is “Hold. (Diastat) ” Stock Target Advisor’s analysis of the company is “Neutral,” with 6 positive signals and 7 negative signals. The last closing stock price for American Express Company was USD 177.11, showing a change of +1.65% over the past week, +4.55% over the past month, and +18.92% over the last year.
Recent Analyst Coverage Changes:
On July 18th, 2023
- Oppenheimer & Co. maintained an “Outperform” rating and raised the target price to $193 from $180.
- Stephens reiterated an “Underweight” rating and maintained a $146 target.
