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證券分析師Kenneth Bruce將美國運通公司（NYSE：AXP）的評級從買入降至中立，目標價爲263美元。該股票在評級下調後下滑。
Given the potential for subdued billings volume growth and current premium valuation, Bruce sees limited incremental upside for the stock.
考慮到賬單成交量增長可能較爲疲軟和目前較高的估值，Bruce認爲該股票的增長空間有限。
Also Read: American Express Q2 Earnings: CEO Raises Annual Profit And Marketing Spend Outlook After Q2 Profit Beat
另請參閱：美國運通Q2收益：CEO在Q2收益超過預期後提高年度盈利和營銷支出預期。
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.
儘管分析師對美國運通長期的執行和策略持有積極看法，但零售商和旅行公司最近的評論表明，即便對高端消費者來說，消費環境也充滿挑戰。
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）在內的其他公司的評論表明，美國消費者繼續面臨壓力，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.
由於持續的通脹和較高的利率環境對美國消費者需求造成影響，多個奢侈品牌下調了今年的預期。
Bruce also highlighted multiple leisure and travel brands, such as Marriott, Park Hotels, and Host Hotels, reducing their guidance.
Bruce還提到多家休閒和旅行品牌，如萬豪、希爾頓和豪斯特酒店，都下調了他們的預期。
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).
在軟着陸的背景下，Bruce預測像Synchrony Financial（NYSE：SYF）和Capital One Financial Corp（NYSE：COF）這樣的信用敏感發行方有上行空間。
These companies trade at a lower price-to-earnings multiple relative to American Express and are likely to see more significant improvements in sentiment.
這些公司的市盈率相對於美國運通較低，並且可能會看到更大的情緒改善。
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.
在挑戰性的消費環境下，分析師指出美國運通在2024財年的營業收入增長指導區間的上限或以上的潛力較小。
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.
美國運通的2025財年每股收益市盈率爲17倍，高於14倍的歷史市盈率，僅對布魯斯的目標價格提供4%的上漲空間。儘管分析師指出這個溢價是合理的，因爲相對於同行公司，美國運通具有更快的增長算法和更好的信用概況，但他預計在更具挑戰性的環境下，多重擴張會更加複雜。
Price Action: AXP stock traded lower by 3.40% at $244.54 at the last check on Wednesday.
股票價格走勢：AXP股票上週三最後一次查詢時以244.54美元的價格下跌了3.40%。
Also Read:
還閱讀：
- American Express Analysts Break Down Credit Trends, Future Revenue Surge
- 美國運通分析師分解信用卡趨勢，未來營業收入激增。
Image via American Express
圖片通過美國運通