According to Goldman Sachs, American Express AXP Buy rating is maintained.
Goldman Sachs said that on June 14, AXP announced that it is expanding its capabilities into the pre-paid market, with the launch of a reloadable pre-paid card. “Our 12-month price target remains $59 and is based on 13.4x our 2012 EPS estimate of $4.40. Our target multiple is based on our sum-of-the parts valuation. There are no changes to our estimates.”
American Express closed yesterday at $48.15.
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