- Baird analyst David George cuts American Express (NYSE:AXP) to Neutral from Outperform after the credit card issuer's stock rallied in the wake of his March 2020 upgrade.
- With the stock trading at ~14x Baird's 2022 EPS estimate and ~8.3x PPNR, George finds AXP shares to be fairly valued.
- Still likes the franchise and considers it "a decent re-opening play."
- "To the extent market weakness ever returns, this is one to consider on pullbacks," George writes.
- AXP rises 0.6% in premarket trading.
- Quant rating is Bearish on AXP, with cautious grades in value, growth, and earnings revisions.