American Express Analysts Increase Their Forecasts After Q3 Earnings

American Express Co AXP company reported mixed results for the third quarter on Friday.

The company said quarterly revenue (net of interest expenses) grew 8% year-on-year to $16.64 billion, marginally missing the analyst consensus estimate of $16.67 billion. Adjusted EPS of $3.49 beat the analyst consensus estimate of $3.28.

Card Member spending or Billed Business grew 6% (or 6% forex adjusted) year-over-year to $387.3 billion.

U.S. Consumer Services revenue was $7.944 billion, up 10% year over year. Commercial Services revenue was $3.998 billion, up 7% year over year. International Card Services revenue was $2.936 billion, up 11% year over year, and Global Merchant and Network Services revenue was $1.847 billion, flat year over year.

American Express shares fell 2.2% to trade at $270.58 on Monday.

These analysts made changes to their price targets on American Express following earnings announcement.

• Barclays analyst Terry Ma maintained American Express with an Equal-Weight and raised the price target from $250 to $257.
• TD Cowen analyst Moshe Orenbuch maintained the stock with a Hold and raised the price target from $260 to $268.
• Morgan Stanley analyst Betsy Graseck maintained the stock with an Equal-Weight rating and boosted the price target from $248 to $252.

Considering buying AXP stock? Here’s what analysts think:

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