American Express Down 2%; Bank of America Cuts to Underperform
American Express Down 2%; Bank of America Cuts to Underperform
DJ American Express Down 2%; Bank of America Cuts to Underperform
By Michael Dabaie
American Express Co. shares fell 2% to $96.32 in morning trading.
Bank of America Global Research downgraded American Express to Underperform from Neutral and lowered its price objective to $95 from $106.
Bank of America noted that it has been impressed by management's execution and the company's resilience during Covid-19, but said it is concerned about near-to-medium term billing volumes, particularly airline and lodging spend.
"Travel spend could take some time to fully recover based on the results of BofA's Proprietary Global Travel Survey and industry commentary. AXP is over-indexed to travel and we think prolonged travel spend weakness will weaken sentiment for the shares," Bank of America said in the analyst note.
BofA sector analysts estimate it could be 2024 before spending volumes on airlines and lodging are at 2019 levels, and a full recovery is dependent on a vaccine being available and widely administered, the analyst note said.
"This is consistent with results from our proprietary Global Travel Survey...which suggests over a third of consumers are waiting for a vaccine to be available before travelling internationally and a significant portion are concerned about getting on an airplane or staying in a hotel. As such, we think travel could be an overhang for AXP billings growth over the near-to-medium term," Bank of America said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
September 23, 2020 10:48 ET (14:48 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
DJ American Express Down 2%; Bank of America Cuts to Underperform
DJ美國運通下跌2%；美國銀行下調至表現不佳
By Michael Dabaie
邁克爾·達拜(Michael Dabaie)著
American Express Co. shares fell 2% to $96.32 in morning trading.
美國運通公司(American Express Co.)股價在早盤交易中下跌2%，至96.32美元。
Bank of America Global Research downgraded American Express to Underperform from Neutral and lowered its price objective to $95 from $106.
美國銀行全球研究公司(Bank Of America Global Research)將美國運通(American Express)評級從中性下調至表現不佳，並將目標價從106美元下調至95美元。
Bank of America noted that it has been impressed by management's execution and the company's resilience during Covid-19, but said it is concerned about near-to-medium term billing volumes, particularly airline and lodging spend.
美國銀行指出，管理層的執行力和公司在新冠肺炎期間的韌性給它留下了深刻印象，但表示它對近期至中期的賬單數量感到擔憂，特別是航空公司和住宿支出。
"Travel spend could take some time to fully recover based on the results of BofA's Proprietary Global Travel Survey and industry commentary. AXP is over-indexed to travel and we think prolonged travel spend weakness will weaken sentiment for the shares," Bank of America said in the analyst note.
美國銀行(Bank Of America)在這份分析師報告中表示：“根據美國銀行專有的全球旅行調查(Global Travel Survey)和行業評論的結果，旅行支出可能需要一段時間才能完全回升。AXP對旅行的指數化程度過高，我們認為長期的旅行支出疲軟將削弱投資者對該股的信心。”
BofA sector analysts estimate it could be 2024 before spending volumes on airlines and lodging are at 2019 levels, and a full recovery is dependent on a vaccine being available and widely administered, the analyst note said.
分析師報告稱，美國銀行行業分析師估計，航空公司和住宿支出可能要到2024年才能達到2019年的水平，完全復甦取決於疫苗的供應和廣泛管理。
"This is consistent with results from our proprietary Global Travel Survey...which suggests over a third of consumers are waiting for a vaccine to be available before travelling internationally and a significant portion are concerned about getting on an airplane or staying in a hotel. As such, we think travel could be an overhang for AXP billings growth over the near-to-medium term," Bank of America said.
美國銀行(Bank Of America)表示：“這與我們專有的全球旅行調查(Global Travel Survey)的結果一致…該調查顯示，超過三分之一的消費者在出國旅行之前正在等待疫苗問世，很大一部分消費者擔心登上飛機或住酒店。因此，我們認為旅行可能是AXP賬單在中短期內增長的一個懸而未決的問題，”美國銀行(Bank Of America)表示。
Write to Michael Dabaie at michael.dabaie@wsj.com
寫信給Michael Dabaie，電子郵件：michael.dabaie@wsj.com
(END) Dow Jones Newswires
(完)道瓊斯通訊社
September 23, 2020 10:48 ET (14:48 GMT)
2020年9月23日美國東部時間10：48(格林尼治標準時間14：48)
Copyright (c) 2020 Dow Jones & Company, Inc.
版權所有(C)2020道瓊斯公司。
譯文內容由第三人軟體翻譯。
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