American Express price target raised to $330 from $300 at Monness Crespi

Monness Crespi raised the firm’s price target on American Express (AXP) to $330 from $300 and keeps a Buy rating on the shares. While the firm highlights that Amex valuation is “approaching a multiple such that profit taking could occur,” it argues that if interest rate stability persists, with consumer resilience on the high end, the stock is “a continuing network winner” with more upside estimate revision potential. Notwithstanding performance in shares throughout 2024, the firm argues that “a structurally higher multiple is easier to underwrite at Amex.”