Credit PerformanceHigher losses could dampen sentiment for shares given the premium AXP is valued at relative to other card issuers.
Revenue GrowthAspirational 10% revenue growth requires an acceleration in billed business volumes, which presents riskier vectors of growth.
Share Price ExpectationsUnachievable 2025 expectations are baked into the share price, including for EPS and revenue growth, which are likely to be missed.