American Express Stock: Headed to $210?
American Express (NYSE: AXP) impressed investors last week, announcing solid fourth-quarter results and offering upbeat guidance for 2023. Management's rosy forecast is for double-digit percentage revenue growth this year, building on the 25% top-line growth the company achieved in 2022. In addition, management soothed investors' concerns about how the company is faring during this uncertain macroeconomic environment, noting that it wasn't seeing signs of a recession from its customer base.
Analysts were apparently impressed, too. At least nine of them have increased their 12-month price targets on the stock in the days since the company's earnings report was released. The most bullish of these analysts, Stephen Biggar at Argus Research, raised his price target on the stock from $180 to $210. His revised price target represents an upside of about 20% relative to where the stock was trading at the time of this writing.
Here's a look at American Express' business momentum, and the reasons why Biggar is so bullish.
Source Fool.com
