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Edward Jones - 1 Kyle Sanders - 1 Gen Z - 1 Stephen Squeri - 1 Gen - 1 Jeff Campbell - 1 AmEx - 1 Campbell - 1
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American Express - 1 U.S - 1 RBC Capital Markets - 1 Thomson - 1

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6 mentions found


☆ AmEx's profit view dampens strong results from record card spending
  + stars: | 2023-07-21 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com   time to read: +2 min
"Results were strong, though spending growth is moderating from unsustainably high rates in 2022," said Edward Jones analyst Kyle Sanders. These worries took the shine off a record quarter in which spending surged to $426.6 billion despite rapid interest rate hikes by the U.S. central bank ushering in an end to easy money. "Our base is changing in terms of more Millennials and Gen Z who will grow with us. Millennial and Gen Z were its fastest-growing customer base as their combined spending surged 21% in the U.S. from a year ago. Despite that, AmEx just reaffirmed its per-share profit forecast of $11 to $11.40 for 2023 after reporting a market-beating profit of $2.89 per share.
Persons: Edward Jones, Kyle Sanders, Gen Z, Stephen Squeri, Gen, Jeff Campbell, AmEx, Campbell, Christophe Le Caillec, Manya Saini, Anil D'Silva, Arun Koyyur Organizations: American Express, U.S, RBC Capital Markets, Reuters, Thomson Locations: U.S, Bengaluru
☆ AmEx's costs, provisions cloud profit despite higher credit card use
  + stars: | 2023-04-20 | by ( Siddarth S Niket Nishant | Siddarth S | Niket Nishant | ) www.reuters.com   time to read: +2 min
[1/2] American Express logo and trading symbol are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., December 6, 2017. Shares fell as much as 7% to a near three-month low of $154.01 as expenses surged 22% to $11.1 billion in the first quarter, higher than expectations of $10.4 billion. "While the elevated provision does not come as a surprise, the miss on expenses is likely the driving force behind the shares' move lower," UBS analysts wrote in a client note. The company, however, reaffirmed its profit forecast for 2023 as spending by customers on travel and entertainment surged 39%. It expects to earn $11 to $11.40 per share compared to analysts' estimate of $11.10.
☆ Buy the dip in American Express shares, Wells Fargo says
  + stars: | 2023-03-14 | by ( Hakyung Kim | ) www.cnbc.com   time to read: +1 min
American Express is showing "strength in uncertain times," according to Wells Fargo, which is confident in the stock following an investor meeting with Chairman and CEO Stephen Squeri and Chief Financial Officer Jeff Campbell. Fandetti maintained his overweight rating on American Express, and reiterated his price target of $200 per share, implying 27% upside from Monday's close. He added that despite the "turmoil" in U.S. banking following the failure of SVB and Signature Bank that spurred a broad selloff in financial stocks, American Express was confident in its business outlook. Wells Fargo believes that American Express' advantage around small and premium business customers is strengthening, making it more difficult for its competitors to catch up. American Express shares were up 1.8% on Tuesday before the market open.
☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, First Republic, Charles Schwab, Match & more
  + stars: | 2023-03-14 | by ( Michael Bloom | ) www.cnbc.com   time to read: +6 min
Wells Fargo reiterates PNC as overweight Wells said PNC should benefit from a "flight to quality." Deutsche Bank reiterates Charles Schwab as buy Deutsche said liquidity risks for Charles Schwab are overblown. Wells Fargo reiterates Western Alliance Bancorp as overweight Wells said it's standing by shares of the regional bank. Wells Fargo reiterates American Express as overweight Wells said investors should buy the dip in American Express shares. Bank of America reiterates Amazon as buy Bank of America said it's standing by its buy rating on shares of Amazon.
☆ AmEx forecasts upbeat full-year profit on buoyant spending trends
  + stars: | 2023-01-27 | by ( Manya Saini | ) www.reuters.com   time to read: +2 min
Even as decades-high inflation pressures household budgets, American Express has remained so far insulated from feeling a dent as the company's affluent customer base refused to dial down on their spending. Shares of American Express were up more than 5% in premarket trading. Even so, American Express Chief Financial Officer Jeff Campbell told Reuters that the company continues to remain optimistic about travel recovery going forward. "We had a very strong quarter with travel across borders and national travel and feel really good about the trends there." Provisions for credit losses were $1.03 billion in the reported quarter, compared with $53 million a year ago.
☆ AmEx shrugs off slowdown worries after forecasting upbeat full-year profit
  + stars: | 2023-01-27 | by ( Manya Saini | ) www.reuters.com   time to read: +2 min
AmEx forecast 2023 net revenue growth between 15% and 17% and earnings per share of $11 to $11.40. Jefferies analysts said although the forecast might "appear aggressive" in light of sentiment around a potential macroeconomic slowdown, it reflected momentum. "We had a very strong quarter with travel across borders and national travel and feel really good about the trends there," Campbell added. A typically strong holiday quarter saw AmEx's customers splurge on gifts, travel, and entertainment, driving a 12% increase in total network volumes. AmEx reported a profit of $2.07 per share for three months ended Dec. 31, missing analysts' estimates of $2.22 per share.
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