Monness Crespi keeps a Neutral rating on American Express but is “more constructive” on the shares post the Q4 report. Normalization of the company’s write-offs continues and its incremental operating leverage outside of variable cost expenses is flexing alongside the structural hedges inherent in the business, the analyst tells investors in a research note. However, the firm cites a “tepid” consumer and normalizing travel trends for remaining on the sidelines.
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