BofA Securities lowered its price target on American Express (NYSE: AXP) slightly to $381 from $382, while maintaining a Buy rating, following a review of the company’s February operating performance.
The firm said February results indicated a modest deceleration in loan growth on a year-over-year basis, while delinquency trends remained consistent with typical seasonal patterns and loss performance came in slightly better than expected.
Loan growth continued to track in the mid- to high-single-digit range, and loss rates remained near 2%, broadly aligning with expectations and outperforming most other credit card issuers, according to the analyst.
BofA reiterated its positive stance on the stock and updated its earnings forecasts. The firm raised its first-quarter EPS estimate to $4.00 from $3.93, while adjusting its 2026 and 2027 EPS projections to $17.48 and $20.04, respectively, from $17.51 and $20.08.
The revised price target of $381 was based on an unchanged valuation multiple of 19 times the firm’s 2027 earnings estimate.
