American Express price target lowered to $330

What happened: American Express (AXP) saw its price target lowered by two major investment firms. On March 23, Truist Securities reduced its target from $400 to $360, maintaining a 'Buy' rating. Then, on March 31, TD Cowen lowered its target to $330, shifting to a 'Hold' rating. This follows AXP's 11% year-to-date share price decline.

Market impact: The downgrades and price target reductions reflect analyst concerns ahead of AXP's Q1 earnings report on April 14. The company's billed business grew 9% YoY in late 2022, but shares have slipped, indicating investor caution. The moves impact the financial services and payments sectors, with investors reassessing AXP's valuation and growth prospects.

What to watch next: Investors should closely monitor AXP's Q1 earnings report on April 14, as it will provide clarity on the company's performance and growth trajectory. Additionally, any updates on AXP's cost management strategies and loan loss provisions will be crucial. Lastly, changes in analyst ratings and price targets following the earnings release may signal further shifts in investor sentiment.