BofA analyst Mihir Bhatia raised the firm’s price target on American Express (AXP) to $420 from $410 and keeps a Buy rating on the shares. The firm raised targets for a trio of Consumer Finance names ahead of Q4 reporting season, as it applies higher valuation multiples, reflecting better consumer finance trends in the near term. Sentiment on the pure-play card issuers has strengthened considerably and “vibes are high” coming into the Q4 prints, the analyst tells investors in a preview for the group.
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