BTIG analyst Vincent Caintic downgraded American Express to Sell from Neutral with a $230 price target. The downgrade is based on two factors: the company’s fundamentals are more likely to get worse than better, yet expectations for rapid improvement continue to climb, the analyst tells investors in a research note. The firm sees greater risk of worsening rather than improvement in key American Express metrics, like billed business and revenue growth, net interest income and credit trends. The macro environment will continue to drive a deceleration in American Express’s billed business as it is likely to get worse, even in a “soft landing, contends BTIG. The firm also thinks the company’s growth in Gen-Z declines further, especially in non-artificial intelligence tech employment. It believes “unachievable 2025 expectations are baked into the share price.” American Express will miss 2025 earnings and revenue growth these expectations, BTIG contends.