AXP Eyes Double-Digit Growth on Younger Customers and Cashless Economy

The management team at American Express (AXP) is optimistic about the company's future growth. Executives expect revenue to increase at a rate of 10% per year over the long term, with diluted earnings per share rising at a mid-teens rate.

This financial stock, which is a top holding for Warren Buffett's Berkshire Hathaway, isn't finished growing yet. Attracting a younger customer base and adding more value to members are key strategies that should propel the top and bottom lines forward.

The company has already seen success in this area, with 65% of its new consumer card signups globally coming from millennials and Gen Zers during the second quarter. These demographics have a long runway ahead of them to grow their earnings power, resulting in higher lifetime value for American Express.