The report on American Express is updated and rated (higher) Buy at $142.
This is a high quality company with a return on book equity of 32%. It trades at about four times book value but a relatively modest 13 times trailing earnings per share. Recent growth has been very strong. Yet the stock has fallen from highs of just over $170 this past Spring to close at $141.57 on Friday. This is presumably due to fears of higher credit card delinquencies and bad debt.
So far the higher interest rates have not harmed AMEX. Its funding costs have obviously risen but its interest income rose more than enough to offset that.
I see this as an opportunity to Buy this high-quality company at a good price. At the same time markets are always uncertain and as always some caution is warranted.