From Nasdaq MarketSite:

American Express Company (AXP) is positioned for growth with increased card member spending, new account acquisitions, and strong business momentum. The company’s 2024 earnings per share is estimated at $12.82, with a revenue estimate of $66.2 billion and a projected growth trajectory of 9-11% in 2024. AXP also maintains a solid return on equity of 31% and has recently reported increased cash reserves.

American Express is a financial services company with a market cap of $159.6 billion, offering payment card products and travel-related services globally. AXP’s stock is rated as a Buy opportunity and is forecasted for steady growth in the long term. The company has beaten earnings expectations in two of the last four quarters and is expected to see continued revenue growth and consumer spending resilience.

AXP expects expenses to increase in 2024, potentially impacting margins. The company’s forward price-to-earnings multiple is higher than the industry average, indicating possible larger expenses. However, strategic plans to enhance growth are in place along with an increased focus on partnerships and digital capabilities. Other top-ranked finance companies to consider include First Internet Bancorp (INBK), Coinbase Global (COIN), and Affiliated Managers Group, Inc. (AMG).

First Internet Bancorp (INBK) and Coinbase Global (COIN) are both ranked as Strong Buys, with positive earnings estimates and revenue growth projections. Affiliated Managers Group, Inc. (AMG) holds a Zacks Rank #2 and has shown consistent growth in earnings as well. Overall, the finance sector is showing promising opportunities for investment with these top-ranked companies leading the way.



Read more at Nasdaq MarketSite: Here’s Why You Should Invest in American Express (AXP) Stock