Wells Fargo lowered the firm’s price target on American Express (AXP) to $415 from $425 and keeps an Overweight rating on the shares. With war risk receding, the next stock battle is AI job fears, where investors seem mostly bearish, the firm argues. Wells notes credit & card spend are tracking well, and stimulus will outweigh gas. The firm expects banks to reiterate a constructive tone on the consumer next week.
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