J.P. Morgan Reports More Of The Same For American Express

According to J.P. Morgan, American Express AXP are seeing more of the same. J.P. Morgan said that while 1Q results may not alleviate investor concerns about higher operating expenses, it believes AXP has significant levers to drive long-term earnings. “Spending growth remains the primary earnings driver; however, AXP's expenses have prevented meaningful margin expansion. We continue to expect AXP's spend-driven business to outperform asset-intensive, credit-driven models in the current environment and are maintaining our Overweight rating.” American Express closed yesterday at $47.00.