American Express: Expect Slower Total Network Volume Growth Into 2024, Says Oppenheimer
Portfolio Pulse from Nabaparna Bhattacharya
Oppenheimer analyst Dominick Gabriele has reiterated an Outperform rating on American Express Company (AXP), with a price target of $180. Gabriele predicts a slowdown in AXP's total network volume growth from 13.9% to ~10.6% Y/Y into 2024, due to sluggish U.S. volumes. However, he expects 2023/2024 EPS to go higher/~flat, given CECL/loan growth dynamics. AXP shares are trading higher by 1.07% to $173.98.
June 30, 2023 | 6:22 pm
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American Express's total network volume growth is expected to slow down into 2024, according to Oppenheimer analyst. However, 2023/2024 EPS is expected to go higher/~flat.
The analyst predicts a slowdown in AXP's total network volume growth due to sluggish U.S. volumes. However, he expects the 2023/2024 EPS to go higher/~flat, which could offset the impact of the slowdown. This could lead to a neutral short-term impact on the stock.
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