American Express Faces Growth Challenges, Synchrony and Capital One Emerge As Potential Alternatives: BofA Analyst
American Express Faces Growth Challenges, Synchrony and Capital One Emerge As Potential Alternatives: BofA Analyst
While the analyst maintained a favorable view of American Express's long-term execution and strategy, recent commentary from retailers and travel companies suggests the spending backdrop is challenging, even for the high-end consumer.B of A Securities analyst Kenneth Bruce downgraded American Express Co (NYSE:AXP) from Buy to Neutral with a price target of $263. The stock price slid after the rerating.
B的A证券分析师Kenneth Bruce将美国运通公司（NYSE：AXP）的评级从买入降至中立，目标价为263美元。该股票在评级下调后下滑。
Given the potential for subdued billings volume growth and current premium valuation, Bruce sees limited incremental upside for the stock.
考虑到账单成交量增长可能较为疲软和目前较高的估值，Bruce认为该股票的增长空间有限。
Also Read: American Express Q2 Earnings: CEO Raises Annual Profit And Marketing Spend Outlook After Q2 Profit Beat
另请参阅：美国运通Q2收益：CEO在Q2收益超过预期后提高年度盈利和营销支出预期。
While the analyst maintained a favorable view of American Express's long-term execution and strategy, recent commentary from retailers and travel companies suggests the spending backdrop is challenging, even for the high-end consumer.
尽管分析师对美国运通长期的执行和策略持有积极看法，但零售商和旅行公司最近的评论表明，即便对高端消费者来说，消费环境也充满挑战。
Commentary from other companies, including Visa Inc (NYSE:V) suggested continued pressure on the U.S. consumer, Bruce flagged.
包括Visa公司（NYSE：V）在内的其他公司的评论表明，美国消费者继续面临压力，Bruce提醒。
Several luxury brands slashed their guidance for the year as the persistent inflation and the higher rate environment impacted U.S. consumer demand.
由于持续的通胀和较高的利率环境对美国消费者需求造成影响，多个奢侈品牌下调了今年的预期。
Bruce also highlighted multiple leisure and travel brands, such as Marriott, Park Hotels, and Host Hotels, reducing their guidance.
Bruce还提到多家休闲和旅行品牌，如万豪、希尔顿和豪斯特酒店，都下调了他们的预期。
In a soft-landing backdrop, Bruce predicted upside potential in credit-sensitive issuers like Synchrony Financial (NYSE:SYF) and Capital One Financial Corp (NYSE:COF).
在软着陆的背景下，Bruce预测像Synchrony Financial（NYSE：SYF）和Capital One Financial Corp（NYSE：COF）这样的信用敏感发行方有上行空间。
These companies trade at a lower price-to-earnings multiple relative to American Express and are likely to see more significant improvements in sentiment.
这些公司的市盈率相对于美国运通较低，并且可能会看到更大的情绪改善。
In a challenging spending backdrop, the analyst noted less potential for American Express to deliver fiscal 2024 top-line growth at or above the high end of its 9%-11% revenue growth guidance range.
在挑战性的消费环境下，分析师指出美国运通在2024财年的营业收入增长指导区间的上限或以上的潜力较小。
American Express is trading at 17x fiscal 2025 EPS, a premium to the 14x historical multiple, offering only a 4% upside to Bruce's price target. Though the analyst noted the premium as justified given a faster growth algorithm and better credit-profile versus peers, he expected multiple expansions to be complex in a more challenging backdrop.
美国运通的2025财年每股收益市盈率为17倍，高于14倍的历史市盈率，仅对布鲁斯的目标价格提供4%的上涨空间。尽管分析师指出这个溢价是合理的，因为相对于同行公司，美国运通具有更快的增长算法和更好的信用概况，但他预计在更具挑战性的环境下，多重扩张会更加复杂。
Price Action: AXP stock traded lower by 3.40% at $244.54 at the last check on Wednesday.
股票价格走势：AXP股票上周三最后一次查询时以244.54美元的价格下跌了3.40%。
Also Read:
还阅读：
- American Express Analysts Break Down Credit Trends, Future Revenue Surge
- 美国运通分析师分解信用卡趋势，未来营业收入激增。
Image via American Express
图片通过美国运通