KBW Backs AXP Amid Bold Platinum Card Overhaul and Fee Growth Potential

American Express Company (NYSE:AXP) ranks among the top stocks for an early retirement portfolio. Keefe, Bruyette & Woods kept its Outperform rating and $360 price target on American Express Company (NYSE:AXP) shares on June 17 following the announcement that the company would be updating its Platinum Cards, claiming it would be its largest card refresh expenditure ever.

The firm noted that the announcement follows reports that rival Chase intends to revamp its Sapphire Reserve card this summer. An annual fee rise for the Platinum card may be part of the card refresh, which KBW analysts think would contribute to the growth of card fee income in the upcoming years. The firm also proposed that adjustments might lead to increased card account growth and engagement levels.

Although there are competition pressures from Chase’s anticipated Sapphire Reserve changes, KBW regarded AXP’s the announcement as “incrementally positive” for the company, adding that competitor card launches have historically had little effect on American Express Company (NYSE:AXP).

American Express Company (NYSE:AXP) is a leading bank holding company that provides a comprehensive digital payment network, including credit cards, charge cards, and financing options.

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Read More: 10 Best Magic Formula Stocks for 2025 and 10 Best Retirement Stocks to Buy According to Hedge Funds

Disclosure: None.