Morgan Stanley Sees American Express As On Track For Accelerating Spend Growth

In a report published Wednesday, Morgan Stanley analyst Betsy L. Graseck reiterated an Overweight rating and $110.00 price target on American Express (NYSE: AXP).

In the report, Morgan Stanley noted, “Total card spend growth accelerated from 6% y/y in 1Q to 9% in 2Q. Majority of travel JV gain being reinvested in marketing/restructuring, which should drive up card spend and drive down comp in 2015. OptBlue provides added boost. We expect total spend accelerates to +11% y/y in 2015. Remain OW.”

American Express closed on Tuesday at $91.71.