BofA raised the firm’s price target on American Express (AXP) to $358 from $353 and keeps a Buy rating on the shares. The company’s reported solid sequential loan growth and stable credit trends for August, the analyst tells investors in a research note. The firm says that while American Express’ loan growth decelerated on a year-over-year basis from July, it outperformed typical August seasonality. The firm reduced its Q3 charge-offs forecast to reflect the quarter-to-date trends. American Express offers “best in class” credit quality, which deserves a premium valuation, contends BofA.
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