Despite the looming threat of a recession, American Express (ticker: AXP) has managed to hold its ground, prompting analysts to reevaluate their bearish stance on the stock. In a recent development, Citigroup analysts upgraded Amex stock to Neutral from Sell and increased their price target from $143 to $154. As of now, Amex shares are trading at $144. While the upgrade to … [Read more...] about The Resilience of American Express Stock in the Face of Economic Uncertainty
American Express
American Express Reports Strong Q3 Performance
American Express Co. has outperformed profit expectations in the third quarter, with strong spending and positive credit metrics. The company recorded a net income of $2.45 billion, or $3.30 per share, compared to $1.88 billion, or $2.47 per share, in the same period last year. Analysts had predicted earnings of $2.95 per share, according to FactSet. Total revenues, excluding … [Read more...] about American Express Reports Strong Q3 Performance
American Express Boosts Provisions for Credit Losses
American Express Co. announced an increase in its provisions for credit losses in the latest quarter. Despite this, executives at the company remain optimistic about the health of credit trends. During the June quarter, American Express reported a net reserve build of $327 million. This, along with higher net write-offs compared to the previous year, led to consolidated … [Read more...] about American Express Boosts Provisions for Credit Losses
