S&P Capital IQ Reiterates its STRONG BUY Rating on American Express

October 21 00:00 2011

New York, October 21 (RainbowNewsLine.com) – Analyst Robert Macmillan of S&P Capital IQ reiterates his STRONG BUY recommendation on the shares of American Express (NYSE: AXP), while raising his estimates for the company. The target price is set to $58.

Analyst Robert Macmillan in a research note published yesterday mentions that the company reported its Q3 EPS ahead of the estimates and the consensus. Despite the fears of slowing growth, the company’s global net revenues grew 9% and receivables rose 13%. US card revenues rose 6%, while international card service revenues grew 16%, the analyst says. The analyst expects consumer spending to remain healthy over the forthcoming 12-18 months. The EPS estimate for 2011 has been raised from $3.98 to $4.00.