American Express selloff on AI reports ‘unique opportunity,’ says Wells Fargo

Wells Fargo says the selloff today in shares of American Express (AXP) “represents a unique opportunity” to buy the stock at an attractive valuation. Wells disagrees with the negative AI reports in the market today that it says highlight material unemployment risk and stablecoin. The U.S. consumer is stable with strength in the affluent segment and will benefit from stimulus through the year, the analyst tells investors in a research note. It is “rational to worry about white-collar job losses from AI, but not to the scale that bears seem to highlight today,” Wells contends. American Express is the analyst’s top pick with an Overweight rating and $425 price target The stock in midday trading is down 8%, or $27.24, to $318.92.