American Express price target lowered to $275 from $355 at Monness Crespi

Monness Crespi lowered the firm’s price target on American Express (AXP) to $275 from $355 and keeps a Buy rating on the shares. While the potential for continued multiple contraction, the stock’s valuation is “now near median,” the analyst tells investors in a research note. The firm believes use of the credit card combined with a “much better balance sheet funding mix-wise” provide comfort in continuing to recommend the shares.