American Express Analysts Break Down Credit Trends, Future Revenue Surge
American Express Analysts Break Down Credit Trends, Future Revenue Surge
Goldman Sachs analyst Ryan M. Nash maintained American Express Co (NYSE:AXP) with a Buy and raised the price target from $263 to $270.
高盛分析師Ryan m. Nash維持買入評級，將美國運通股票（紐交所代碼：AXP）的價格目標從263美元上調至270美元。
American Express reported mixed fiscal 2024 second-quarter results, with an EPS beat driven by a lower provision while Pre-provision Net Revenue (PPNR) was in line, Nash said. The focus was on its outlook, where American Express is pointing to deceleration in Net Interest Income (NII) and similar billed business growth trends.
納什表示，美國運通報告的2024財年第二季度業績表現不一，每股收益超過預期，低撥備驅動，而稅前淨營業收入基本符合預期。其重點是關注其前景，美國運通指出淨利息收入（NII）和類似賬單業務增長趨勢放緩。
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。
The analyst said credit appears to be performing better and offsetting top-line softness.
分析師說，信貸表現似乎更好，可以抵消上游市場的弱勢。
Putting it all together, Nash noted the quarter's slower revenue growth and the increasing likelihood revenue could end at the low end of the guidance, which drove shares to underperform, the analyst said.
納什總結道，本季度收入增長較慢，收入可能會處於年度指引的低端，因此股票表現疲軟。
Looking ahead, while Nash recognized the potential for softness in second-half revenue results, he remained upbeat overall on the story. While revenue growth is likely to come in towards the lower end of expectations, card fees should begin to re-accelerate, and small businesses are showing signs of improvement, as per Nash. The combination of these should be able to offset slowing NII growth.
展望未來，雖然納什認識到下半年的收入可能會出現疲軟，但他對主要故事總體持樂觀態度。雖然營收增長可能會略低於預期的下限，但卡費應該會開始重新加速，小企業也顯示出改善的跡象。這些的結合應該能夠抵消NII增長的減速。
American Express intends to invest $6 billion in marketing this year, leveraging the benefits of better credit results. As per Nash, this should help position it well for revenue growth into 2025.
美國運通計劃今年在營銷方面投資60億美元，利用信貸業務的好處。據納什表示，這應該有助於使其在2025年的收入增長處於良好位置。
The credit is performing better than expected, as losses and its allowance are expected to level off. This should help investors feel more comfortable that it can generate mid-teens EPS growth in the future, the analyst said.
分析師稱，信用表現優於預期，損失和預備金將趨於穩定。這應該使投資者感到更加舒適，相信可在未來創造中等收益增長。
Nash revised his fiscal 2024, 2025, and 2026 core EPS estimates from $13.10, $15.00, and $17.20 to $13.80, $15.00, and $17.45, respectively.
納什將其2024、2025和2026財年核心每股收益預測從13.10美元、15.00美元和17.20美元分別上調至13.80美元、15.00美元和17.45美元。
RBC Capital Markets analyst Jon Arfstrom maintained American Express with an Outperform and raised the price target from $265 to $267.
RBC資本市場分析師Jon Arfstrom維持買入評級，將美國運通的價格目標從265美元上調至267美元。
The second quarter was solid, with consistent revenues, controlled expenses, and stable credit quality per Arfstrom. The company did revise its 2024 EPS outlook to reflect the Accertify gain this quarter, though the analyst noted the core fundamental outlook as consistent.
阿夫斯特羅姆表示，第二季度表現不錯，營收一直處於穩定水平，成本可控，信貸質量穩定。儘管美國運通在本季度的EPS前景中考慮了Accertify獲得的利潤，但分析師指出，核心基本面前景保持一致。
He said the company's long-term mid-teens EPS growth is achievable and sustainable, even in a slower revenue environment.
他表示，即使在營收增長放緩的環境下，公司長期中等增長的每股收益是可行和可持續的。
Overall, Arfstrom appreciated the high-quality nature of the business model and is optimistic that the longer-term revenue guideposts remain achievable.
總體而言，阿夫斯特羅姆讚賞其高質量的業務模式，並樂觀地認爲，長期的收入指引仍然是實現的。
Arfstrom expects fiscal 2024 and 2025 EPS of $13.00 (prior $12.95) and $14.80 (prior $15.10), respectively.
阿夫斯特羅姆預計2024和2025年的每股收益分別爲13.00美元（之前爲12.95美元）和14.80美元（之前爲15.10美元）。
AXP Price Action: American Express shares are trading up by 0.32% at $243.31 at the last check Monday.
AXP股價走勢：截至週一最後一次檢查，美國運通股價上漲0.32%，至243.31美元。
Photo: Shutterstock
Photo: shutterstock