American Express (AXP) is pushing even higher, as hoped.
As we noted on Oct. 30, “Oversold shares of American Express (AXP) look interesting. For one, the AXP stock is technically oversold at support dating back to late 2022, early 2023. It’s also technically stretched on RSI, MACD, and Williams’ %R, and appears overdue for a bounce back.”
At the time, AXP traded at $143.27. Today, it’s up to $164.42. From here, if AXP can break above August resistance, it could potentially test $170. Helping, analysts at TD Cowen just initiated coverage of the stock with a market perform rating, with a $158 price target.
Citi analysts upgraded AXP to a neutral rating, with a $154 price target. The firm added, “While there has been a modest slowing in spend growth, credit quality has been “much more resilient than we expected” and the overall spending levels remain healthy, while net interest income and card fees are growing better than expected,” as reported by TheFly.com.