Citi raises PT on American Express, shares up
** Brokerage Citi raises PT on credit card giant American Express AXP.N to $305 from $270, citing strong growth profile
** The key for AXP is a reacceleration of spending growth, which depends on improved consumer confidence and organic spend growth with existing customers, says Citi
** AXP has had strong new card acquisition and attrition levels remain within the historical range - brokerage
** Citi also expects lower credit costs and expense management to help AXP
** AXP reported Q3 profit above Wall Street estimates in October, benefiting from disciplined expense management that helped cushion a blow from softer spending
** Twelve of 30 brokerages rate the stock "buy" or higher, 15 "hold" and 3 "sell" or lower; median PT is $283 - data compiled by LSEG
** Shares of AXP, up 2.5% in afternoon trading, have gained nearly 60% so far in 2024
Reporting by Pritam Biswas in Bengaluru
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