Redburn Atlantic upgraded American Express (AXP) to Neutral from Sell with a price target of $255, down from $270. The shares have fallen over 25% from its January high, and American Express’ valuation now more appropriately matches the future returns profile of the business, the analyst tells investors in a research note. Redburn continues to have concerns around Amex’s ability to meet its 10% mid-term revenue growth aspiration, which is reflected in its below-consensus estimates.
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Read More on AXP:
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