by Christopher Freeburn | February 6, 2014 10:19 am
American Express (AXP) climbed almost 2% in Thursday morning trading after an investment firm raised its rating for AXP stock.
AXP stock was upgraded from a rating of “Neutral” to a rating of “Buy” by analysts at Janney Capital Markets. The upgrade came as improving economic activity has prompted rising estimates for AXP revenue growth, Seeking Alpha notes.
During the fourth-quarter, AXP posted a profit of $1.31 billion, up from $637 million in the year-ago period. Adjusted EPS came in at $1.25 a share, matching Wall Street forecasts, according to Bloomberg.
AXP reported quarterly revenue of $8.55 billion, up 5% from the prior-year quarter.
AXP stock has gained more than 35% over the past twelve months. AXP stock closed at $83.72 a share on Wednesday.
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