American Express Co (NYSE:AXP) company reported mixed results for the third quarter on Friday.
The company said quarterly revenue (net of interest expenses) grew 8% year-on-year to $16.64 billion, marginally missing the analyst consensus estimate of $16.67 billion. Adjusted EPS of $3.49 beat the analyst consensus estimate of $3.28.
Card Member spending or Billed Business grew 6% (or 6% forex adjusted) year-over-year to $387.3 billion.
U.S. Consumer Services revenue was $7.944 billion, up 10% year over year. Commercial Services revenue was $3.998 billion, up 7% year over year. International Card Services revenue was $2.936 billion, up 11% year over year, and Global Merchant and Network Services revenue was $1.847 billion, flat year over year.
American Express shares fell 2.2% to trade at $270.58 on Monday.
These analysts made changes to their price targets on American Express following earnings announcement.
- Barclays analyst Terry Ma maintained American Express with an Equal-Weight and raised the price target from $250 to $257.
- TD Cowen analyst Moshe Orenbuch maintained the stock with a Hold and raised the price target from $260 to $268.
- Morgan Stanley analyst Betsy Graseck maintained the stock with an Equal-Weight rating and boosted the price target from $248 to $252.
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