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

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