J.P. Morgan Previews American Express' 4Q Earnings (AXP)

J.P. Morgan is out with its report on American Express AXP in the lead up to AXP announcing 4Q earnings. In a note to clients, J.P. Morgan writes, "AXP preannounced earnings yesterday after it disclosed it would be incurring restructuring charges during 4Q of approximately $113M pretax ($74M after-tax). The company sees 4Q earnings of $1.1B ($0.88 per share) after charges, or $0.94 per share excluding charges. We continue to favor AXP for its exposure to the rebound in consumer spending and believe this provides an opportunity to add to positions." J.P. Morgan maintains Overweight with a $50 PT on AXP. AXP closed yesterday at $45.24, down 2.44% from Tuesday's close.