KBW Sticks with $371 PT for American Express (AXP)

American Express Company (NYSE:AXP) is one of the best Goldman Sachs bank stocks. On September 19, KBW reiterated an Outperform rating on AXP, along with a price target of $371, attributing the call to the new features in the Platinum card.

According to KBW, the improved perks make the Platinum card’s value proposition stronger than the $200 fee hike, reinforcing its premium status. The firm noted American Express Company (NYSE:AXP)’s collaborations with Lululemon, Uber, and Walmart also strengthen the cardholder value proposition.

The firm observed that the impact on earnings will phase in, given AXP’s practice of amortizing annual fees across a year. KBW believes the new features will aid both sign-ups and renewals, setting the stage for stronger performance in the coming quarters.

American Express Company (NYSE:AXP) is a global financial company that offers credit and charge cards, banking, travel, lifestyle, and expense management services, along with fraud prevention and loyalty programs.

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