- Markets are mostly lower this morning, but American Express (NYSE:AXP) is higher by 0.9% in premarket action after analyst Richard Shane upgrades to Overweight from Neutral. His price target of $90 suggests 17% upside.
- Shane is expecting a cut in personal tax rates, and says that will "disproportionately benefit" AmEx's higher-income clientele.
- Despite a sizable post-election rally, the stock remains attractively valued, he says, noting it's the only card issuer trading at a discount to its historical relative valuation to the S&P 500.