Jefferies Assumes American Express (AXP) at Hold

Jefferies assumes coverage on American Express (NYSE: AXP) with a Hold rating and $50 price target (down from $53).

The firm comments, "We expect credit normalization to begin in early 2012, driving credit losses and provision expense higher. Credit normalization combined with the loss of $880M in annual legal payments from V and MA will likely inhibit meaningful earnings growth in 2012."

For more ratings news on American Express click here and for the rating history of American Express click here.

Shares of American Express closed at $43.48 yesterday.

---

GET THE HOTTEST RESEARCH CALLS ON THE STREET- FREE TRIAL!