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MARKET PULSE

Shares of American Express Co. (axp) slipped 0.7% in premarket trading Friday, after Susquehanna analyst James Friedman said he was “stepping aside” from his long-time bullish stance on the credit card and travel services company, saying valuation looks “full.” Friedman cut his rating to neutral, after being at buy for at least the past three years, while keeping his price target at $110. “It would be hard for [American Express] to do better than their merchants, so consensus ’21 revenue up 11% looks full to us,” Friedman wrote in a note to clients. The stock is currently pacing the three of 30 Dow Jones Industrial Average (djia) components that are declining ahead of the open, as Dow futures (ym00) rise 94 points, or 0.3%. The stock has rallied 17.1% over the past three months through Thursday, while the Dow has advanced 10.6%.

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