BofA upgrades American Express to 'buy' on robust customer base and macro resilience

ReutersApr 11, 2025 4:17 PM

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Brokerage BofA Global Research upgrades integrated payments firm American Express AXP.N to "buy" from "neutral", trims PT to $274 from $325

PT still implies about 11% upside to the stock's last close

American Express is seen as a "flight to quality" beneficiary, meaning that long-term investors will seek out its stock even during economic downturns - brokerage

Brokerage sees upside to AXP's focus on high-income consumers, who are more resilient to economic stress, and its ability to adjust expenses to defend earnings makes it a more durable investment

Despite the upgrade, BofA lowers its revenue and earnings forecasts for AXP due to tariff-related uncertainty and a potential GDP slowdown, but still sees the company as a good investment opportunity

Twelve out of 31 brokerages rate the stock "buy" or higher, 17 rate "hold", two rate "sell" or higher, with a median PT of $282.5, according to data compiled by LSEG

Including session's moves, AXP stock down 17% YTD

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