JPMorgan upgrades American Express to overweight, sets $400 target

According to CNBC, JPMorgan upgraded American Express to overweight from neutral and set a $400 price target, implying about 14% upside from Monday’s close. Analyst Richard Shane said the stock’s premium valuation is justified by the defensive nature of its revenues and its exposure to higher-income cardholders amid renewed geopolitical risk and an uneven consumer backdrop. A consensus estimate compiled by the bank puts American Express at 17.4 times price-to-earnings by the end of 2027, more than double the estimated multiple for Capital One Financial. American Express shares have risen 8% over the past three months, while Brent crude futures for September delivery were last at $78.64 a barrel, up more than 9% over the past five days. LSEG data shows 15 of 32 analysts rate the stock buy or strong buy, while 16 have a hold rating.