Why American Express Stock Dropped Today
American Express (NYSE: AXP) stock slipped 2.1% through 9:50 a.m. ET Tuesday after HSBC analyst Saul Martinez lowered his rating on the stock from buy to hold and BTIG analyst Vincent Caintic downgraded the stock from neutral to sell.
On the plus side, Barclays analyst Terry Ma raised the stock's price target to $250 -- but with the stock already selling for nearly $270 a share, that doesn't seem to be helping.
As StreetInsider.com reports, HSBC downgraded American Express stock primarily on valuation concerns, highlighting the stock's 47% rally year to date and warning that "the current stock price fully reflects these attributes" -- in other words, that there's no upside left in the stock. BTIG, however, had more fundamental concerns.
Source Fool.com
