JPMorgan downgraded American Express to Neutral from Overweight with a price target of $286, up from $268. The firm sees “asymmetric risk” with the trading near the high-end of its valuation range and with limited upside to estimates. The consensus already assuming 15% annual growth to 2026, which is a “near best case” scenario in light of decelerating sales growth, which leaves limited upside, the analyst tells investors in a research note. JPMorgan believes investors should opportunistically be taking profits in the consumer finance group.
previous post