Bank of America is still bullish on American Express stock heading into second quarter earnings later this month.
American Express can do well even as the U.S. consumer faces headwinds, according to Bank of America. The bank called American Express a top pick, reiterating a buy rating and a price target of $205 per share. That target implies upside of nearly 20% from Monday's close. Analyst Mihir Bhatia said despite risks remaining to the broader sector if consumer spending slows and credit normalizes, American Express should continue to be more resilient than peers.
" American Express stock has added more than 16% in 2023, outpacing rivals Visa and Mastercard. AXP YTD mountain American Express stock has climbed 16.2% from the start of the year. But targets for the remainder of 2023 going into 2024 are still concerning for AmEx, Bhatia added, against a weakening macroeconomic backdrop as well as "exhaustion of COVID bounce-back travel spending." American Express will report second results on July 21.
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