Piper Sandler Lifts American Express Target to $405 After Earnings Beat

American Express stock has gained momentum as Piper Sandler lifts its target to $405 from $396, implying an 18.7% upside from the prior close.

The price hike was triggered by a solid earnings report, with American Express beating expectations with quarterly earnings per share of $4.53 and revenue growth of 10% year over year.

The stock has been consolidating near its recent high around $344 per share, supported by institutional investors who hold about 84.33% of the shares.