Evercore ISI Raises American Express (AXP) Price Target to $380

Evercore ISI raised its price target on American Express Company (NYSE:AXP) to $380 from $345, maintaining an "In Line" rating on the shares, according to a note released on July 6.

Rating Change

• Previous Price Target: $345
• New Price Target: $380
• Rating: In Line (unchanged)

Analyst Rationale

The analyst believes underlying trends for American Express will be strong in the second quarter, justifying the higher price target. However, the "In Line" rating suggests the stock is fairly valued at current levels.

Context

American Express is considered one of the best monopoly stocks to buy according to hedge funds, as previously reported by Insider Monkey. The stock is trading near all-time highs, with investors optimistic about consumer spending growth.

Conclusion

The price target increase reflects analyst confidence in near-term performance, but the neutral rating indicates limited upside potential. Investors should watch Q2 results for further clarity.