American Express draws upgrade as ‘haven from deteriorating household balance sheets'

With the economy poised to potentially tap the brakes for U.S. consumers, JPMorgan Chase analyst Richard B. Shane upgraded American Express Co. to overweight from neutral on Friday.American Express Co.’s AXP more affluent customer base may offer investors a “haven from deteriorating household balance sheets” as lower- and middle-income borrowers face pressure from depleted savings from the pandemic and the lingering effects of high inflation, Shane said.The company’s stock rose by 0.7% in premarket trading ...