BUZZ-Street View: Resilient customers to lead AmEx's growth momentum
Reuters · 01/29 11:12
BUZZ-Street View: Resilient customers to lead AmEx's growth momentum

** American Express AXP.N forecast a better-than-expected profit for 2024 on hopes that its affluent customers would be resilient with their spending even amid elevated interest rates


CREDIT LOSSES TO BE MITIGATED BY AFFLUENT CUSTOMERS

** KBW ("outperform", PT: $235) says growth in co's billed business in 2024 will be led by robust spending by millennial and Gen Z customers and strong customer engagement

** J.P.Morgan ("overweight", PT: $214) believes AXP's 2024 targets will be achievable due to potential increase in spending by millennial, Gen Z customers; adds, card fees to be a key contributor to growth

** Morningstar (fair value: $178) says despite macro headwinds, co remains shielded, for , due to affluent card holders

** RBC ("outperform", PT: $226) expects co's expense growth to be driven by the management's intent to invest in customer retention and client acquisition opportunities


(Reporting by Kanchana Chakravarty in Bengaluru)

((Kanchana.Chakravarty@thomsonreuters.com))