Loop names American Express top financials pick, starts at Buy

Loop Capital last night initiated coverage of American Express (AXP) with a Buy rating and $389 price target The firm sees a “stable to improving” trajectory for the financials space and names American Express its top pick. The stocks should grind higher in a perceived uncertain macro environment, the analyst tells investors in a research note. Loop says worries of AI driven layoffs have pushed down American Express’s valuation multiple, creating an attractive entry point. The company has a broader client base leaving impacts from AI job losses at a minimum to revenue growth, the firm contends.