American Express can surge 22% as company sales remain strong, analyst says

📆 25/04/2019 17:06:00
📰 CNBC

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Investors should buy shares of American Express as the credit card company's sales will keep growing at a fast pace thanks to a strong consumer, an analyst at Morgan Stanley said Thursday.

div > div.group > p:first-child"> Analyst Betsy Graseck upgraded American Express to overweight from equal weight. Graseck also hiked her price target on the stock to $140 per share from $123, implying a 22.8% upside from Monday's close."We believe the strong revenue growth story at AXP remains intact," said Graseck, noting she expects revenue to grow by 8% in 2019 and 10% in 2020. That's up from 7% in both years.

American Express posted a mixed quarterly report earlier this month. The Dow Jones Industrial Average member reported adjusted earnings per share that were above expectations, but its overall revenue disappointed analysts.

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