American Express price target raised to $252 from $248 at Morgan Stanley

Morgan Stanley analyst Jeff Adelson raised the firm’s price target on American Express (AXP) to $252 from $248 and keeps an Equal Weight rating on the shares. 2024 EPS guidance was raised on better expenses and credit, but revenue growth was lowered to the low end of the prior 9%- 11% guidance as billings growth is “still running at just 6%,” the analyst tells investors. It will be “tough” to hit the company’s long-term aspiration of 10%-plus revenue growth without a ramp in card spending, adds the analyst, who sees 8%-9% growth in 2025-26.