American Express Stock Slammed with Bear Notes

Analysts are factoring in a decrease in consumer spending

Deputy Editor
Jul 12, 2022 at 10:16 AM
facebook twitter linkedin


Dow member American Express Company (NYSE:AXP) received several bear notes this morning, as analysts factor in recession concerns and a decrease in consumer spending. Morgan Stanley downgraded the stock to "equal weight" from "overweight," Credit Suisse slashed its price target to $140 from $175, and Jefferies lowered its to $160 from $180. This negative sentiment is a continuation of yesterday, in which Barclays and Keefe Bruyette cut their price objectives as well.  

There is plenty of room for more bear notes, as 16 of the 30 analysts in coverage still carry a "buy" or better rating. Plus, the 12-month consensus price target of $180.76 is a 31.7% premium to AXP's current perch at $140.22. Analysts are likely to chime in again after the credit card name's second-quarter earnings report, due out July 22. 

Before today, the stock had been slowly making its way higher from a June 30 one-year low of $134.30, though the sharply descending 20-day moving average appears to have capped gains. Year-to-date, the equity is down 14.4%. 

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Best stocks for October and worst stocks for October
 


 


 
Special Offers from Schaeffer's Trading Partners