UPDATE: Piper Jaffray Raises PT on American Express to $63 (AXP)

Piper Jaffray is out with its report today on American Express AXP, raising its PT from $62 to $63. In a note to clients, Piper Jaffray writes, "Midday Friday AXP reported its monthly U.S. loan and credit 8-K and its trust data for March. It appears to us that U.S. card loan growth has bottomed, as loans grew 1.9% m/m and were flat y/y. We expected loans to be flat m/m. We believe the industry will show some growth late this year or in 1Q12. Charge-offs and delinquencies were both slightly better than our model at clear industry leading levels. Spend metrics in the charge and credit card trusts both showed accelerating growth through the quarter. We are slightly raising our estimates on the better than expected loan growth. We reiterate our Overweight rating and raise target to $63." Shares of AXP closed Friday at $46.25, up 0.81% from Thursday's close.