American Express (AXP) PT Raised to $326 at BofA Securities

BofA Securities analyst Mihir Bhatia raised the price target on American Express (NYSE: AXP) to $326.00 (from $316.00) while maintaining a Neutral rating.

The analyst comments "Shares of AXP are trading down following in-line 4Q results and initial ’25 outlook, which we think reflects the elevated expectation that had been embedded in shares. EPS of $3.04 was a touch below our $3.06 estimate driven by higher operating expenses (- $0.24/share) and lower net revenue (-$0.07), partially offset by lower provisions (+$0.28). The ’25 outlook is broadly in-line with expectations, though Amex did note that the high-end is achievable only if 4Q billings growth sustains. Billing trends are encouraging (Exhibit 1) but extrapolating strong 4Q / Jan data for all of 2025 is a high bar. With shares/valuation near all-time high, investors likely wanted more. We see limited multiple expansion potential and Maintain a Neutral rating."

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