American Express has seen strength in cardmember spending
and loan volumes and this trend can be expected to continue in the third
quarter. The company is also likely to benefit from its business investments,
such as the acquisition of digital payment automation platform, acompay, from
ACOM Solutions.
In the second quarter of 2019, American Express topped revenue and earnings estimates. Revenue rose 8% to $10.8 billion while adjusted EPS increased 13% to $2.07.
Also read: Goldman Sachs Q3 2019 Earnings Report
For the full year of 2019, American Express expects reported
EPS to come in the range of $7.64-8.14 and adjusted EPS to be $7.85-8.35.
Shares have gained 24% so far this year. The majority of
analysts have rated the stock as Hold and it has an average price target of
$127.44.
Goldman Sachs (NYSE: GS) and Citigroup (NYSE: C) reported their third quarter 2019 earnings results today. Goldman beat revenue estimates but missed earnings expectations. Citigroup beat earnings estimates.