'Over-Indexed" to Travel, American Express Shares Have Uphill Battle, Analyst Says -- Barrons.com
'Over-Indexed" to Travel, American Express Shares Have Uphill Battle, Analyst Says -- Barrons.com
DJ 'Over-Indexed" to Travel, American Express Shares Have Uphill Battle, Analyst Says -- Barrons.com
分析師稱，DJ「過度索引」旅行，美國運通股票發生了上坡戰鬥--Barrons.com
By Carleton English
由卡爾頓英語
A prolonged slowdown in business travel is expected to weigh on American Express shares for some time, analysts say.
分析師表示，預計商務旅行長期放緩將在一段時間內對美國運通的股票造成影響。
Analysts at Bank of America downgraded the shares of American Express (ticker: AXP), believing that it could take until 2024 for spending on airlines and hotels to return to pre-coronavirus pandemic levels.
美國銀行的分析師下調了美國運通（股票代碼：AXP）的份額，認為在航空公司和酒店上的消費可能需要到 2024 年才能恢復到冠狀病毒大流行前的水平。
The analysts' findings were published alongside a separate report from the bank, which noted that more than a third of people are waiting for a vaccine to be readily available before taking their next international trip. Bank of America also found that people are generally feeling more cautious about travel, viewing planes as the "riskiest" part of their trip, with many opting to drive to their destinations.
該分析師的研究結果與銀行的另一份報告一起發布，該報告指出，超過三分之一的人正在等待接種疫苗，然後再進行下一次國際旅行。美國銀行還發現，人們普遍對旅行感到更加謹慎，觀看飛機作為他們旅行中「風險最大」的部分，許多人選擇開車前往目的地。
Sour sentiment around travel -- both for business and pleasure -- is likely to be an "overhang" on the stock, Mihir Bhatia, research analyst at Bank of America Securities, wrote Wednesday. Spending on airlines and lodging accounted for 16% of American Express' billings last year. But as of last week, management estimated that travel and entertainment spending was down by roughly 70%.
周圍的旅行酸味情緒--無論是商務和休閒---很可能是股票上的「懸垂」，美國銀行證券研究分析師 Mihir Bhatia 週三寫道。去年，航空公司和住宿的消費佔美國運通卡賬單的 16%。但截至上週，管理層估計旅行和娛樂支出下降了大約 70％。
He commended management's leadership during this time but noted that American Express is "over-indexed" to travel. Synchrony Financial (SYF) and Discover Financial Services (DFS), rated Buy and Neutral, respectively by Bhatia, offer better risk/reward trade-offs for investors given they currently trade at high single digit price to earnings multiples, compared with American Express, which trades at roughly 15 times forward earnings. Bhatia lowered his price target by $11 to $95 a share, just below where shares trade now.
在此期間，他讚揚管理層的領導力，但指出，美國運通「過度索引」旅行。同步金融服務 (SYF) 和探索金融服務 (DFS) 分別由 Bhatia 評級為「買入」和「中性」，因為投資者目前以高單位數價格交易盈利倍數，相較於美國運通交易的前瞻收益約為 15 倍，可為投資者提供更好的風險/回報權衡。Bhatia 將目標價格降低了 11 美元，至每股 95 美元，低於現在股票交易的地方。
"We believe travel spend needs to recover for billing momentum to resume and shares to outperform," Bhatia wrote. "We suspect travel will be among the last categories to recover to pre-Covid levels and the slower than expected recovery in billings could weigh on AXP shares."
Bhatia 寫道：「我們認為旅行支出需要恢復計費動力才能恢復，並且股票表現超越。「我們懷疑旅行將是恢復到 COVID 前水平的最後類別之一，而賬單恢復速度低於預期可能會影響 AXP 股票。」
In addition to people being more cautious about recreational travel, business travel will especially struggle to come back to previous levels in an era of Zoom Video Communications (ZM) meetings. There may be pent-up demand for personal travel but businesses have found new ways of operating over the last six months.
除了人們對休閒旅行更加謹慎之外，在 Zoom 視頻通信（ZM）會議時代，商務旅行將尤其難以回到以前的水平。個人旅遊的需求可能會受到壓抑，但在過去六個月中，企業發現了新的運營方式。
At a conference last week, American Express Chief Executive Jeff Campbell said that in his conversations with other executives, few expect that their travel spend "snaps back" to where it was before.
在上週的一次會議上，美國運通首席執行官傑夫·坎貝爾（Jeff Campbell）表示，在與其他高管的談話中，很少有人期望他們的旅行花費「回溯」到以前的位置。
American Express shares were down 1.9% in midday trading Wednesday, while the S&P 500 was off by 0.6%.
星期三中午交易美國運通股價下跌 1.9%，標普 500 指數下跌了 0.6%。
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Write to Carleton English at carleton.english@dowjones.com
寫信給卡爾頓英語 carleton.english@dowjones.com
(END) Dow Jones Newswires
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September 23, 2020 13:42 ET (17:42 GMT)
二零二零年九月二十三日 13:42 東部時間
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