Piper Jaffray Reiterates Overweight Rating On American Express

In a report published by Piper Jaffray, a meeting with American Express' AXP CEO/CFO confirms cheap stock. Piper Jaffray reiterates the Overweight rating.

Piper Jaffray said that it hosted an investor meeting last week with AXP Chairman/CEO Ken Chenault and CFO Dan Henry. “We walked away from the meeting with increased conviction in our thesis and confidence that the current level of market under-appreciation for AXP will likely reverse itself. AXP shares, after a blistering '09, have underperformed the market in '10 and thus far in '11 and are trading at a 20% discount to the S&P 500. We expect AXP to continue to drive solid results in '11 and beyond. We are maintaining our above-consensus estimates and reiterating our Overweight rating and $62 12-month price target.”

American Express closed yesterday at $43.51.