American Express Eyes Strong Third Quarter as Earnings Date Approaches AXP is set to release its third-quarter earnings report on October 18. Analysts predict earnings per share of $3.80 and total revenues of $16.67 billion before the market opens.
Over the past year, the stock has seen remarkable growth, rising 84.29%, and it has gained 51.1% year-to-date.
Let’s analyze the current trends for American Express and how the stock compares with Wall Street’s expectations.
Technical Indicators Suggest Positive Outlook for American Express
American Express stock shows a strong bullish trend, supported by various technical indicators.
Chart created using Benzinga Pro
Currently trading at $281.68, American Express is above its key moving averages, which include the five-day, 20-day, and 50-day exponential moving averages. This indicates strong buying interest in the stock.
The price is above the eight-day simple moving average (SMA) at $275.54, and the 20-day SMA at $272.03 confirms this bullish sentiment. Furthermore, the 50-day SMA stands at $259.88, while the 200-day SMA is at $232.73, both significantly lower than the current price, adding to the positive outlook.
Chart created using Benzinga Pro
Additionally, the MACD indicator is currently at 5.32, suggesting potential for further price increases. However, the RSI at 67.74 warns that the stock is nearing overbought conditions, which could lead to a short-term correction.
Despite these signals, Bollinger Bands show the stock remains in a bullish state, trading within the upper band.
Investors are advised to keep a close eye on these indicators as the stock approaches a possible breakout.
Read Also: Here’s How Much $1000 Invested In This Payments Company 15 Years Ago Would Be Worth Today
Analysts Forecast Possible Decline
Ratings & Consensus Outlook: Currently, analysts rate American Express stock as Neutral, with a collective price target of $228.60. Recent ratings by Morgan Stanley, Monness, Crespi, Hardt, and Barclays in October suggest an average target price of $266, indicating a potential downside of 6.54% from the current levels.
Current Stock Status: At the time this article was published, American Express stock was trading at $284.62.
Read Next:
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
