Street View: Analysts weigh AmEx's Platinum Card refresh against short-term margin pressure

American Express' AXP.N top brass reassured investors concerned about intensifying competition for affluent customers after resilient spending by cardholders helped the company surpass second-quarter profit estimates on Friday

AmEx will also roll out updates to its Platinum cards later this year for consumers and businesses in the United States, making its "largest investment ever in a card refresh"

Median PT of 31 brokerages covering the stock is $320, with an average rating of "hold", according to data compiled by LSEG

ALL EYES ON PLATINUM CARD REFRESH

BofA Global Research ("buy," PO: $353) says investors are focused on competition and the impact it will have on the Platinum refresh; they are underestimating Amex's brand and expertise at serving premium members

Brokerage continues to view the customer base as enviable and performing quite well amid a more uncertain macro backdrop

Morgan Stanley ("equal-weight," PT: $311) says Platinum refresh in 2H25 is important for future revenue growth, but initially this results in higher Card Services costs, while higher fees take 2 years to run-rate

Wolfe Research ("peer perform") says "as the category leader in premium cards, AXP has benefited from a generational shift in the appeal of premium products that has increased the total addressable market"

BTIG ("sell," PT: $277) says higher Cardmember expenses from card refreshes drive earnings concerns