With a 5-year dividend growth rate of 14.67%, American Express Company (NYSE:AXP) is included among the 10 Best Dividend Growth Stocks to Buy and Hold for 3 Years.
On May 22, Loop Capital initiated coverage on American Express Company (NYSE:AXP) with a Buy rating
The firm also set a $389 price target on the stock. The firm said it sees a “stable to improving” outlook for the financial sector and named American Express as its top pick. The analyst told investors in a research note that the stock could continue to move higher despite uncertainty in the broader macro environment.
According to the firm, concerns about AI-driven layoffs have pressured American Express’s valuation multiple and created what it views as an attractive entry point for investors. Loop Capital also said American Express has a broader customer base, which it believes should limit the impact that AI-related job losses could have on the company’s revenue growth. In separate news on May 20, American Express and Fanatics announced a strategic partnership.