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• AXP 80% Rate It

Credit card issuer American Express Company ( AXP ) on Thursday caught a big downgrade from analysts at Wells Fargo.

The firm said it cut its rating on AXP from "Outperform" to "Market Perform," but raised its price target range from $52-57 to $60-$64. That new range suggests up to an 8% upside to the stock's Wednesday closing price of $59.06.

A Wells Fargo analyst commented, "We are downgrading our rating on shares of AXP to Market Perform based on our expectation for limited upside potential in the stock. Our valuation range is now $60-64, which does not offer sufficient upside to maintain an Outperform rating. We continue to believe that AXP has one of the premier consumer franchises within financial services; however, we would prefer investors add to positions at lower levels in order to improve their risk/reward profile."

American Express shares fell 61 cents, or -1%, in premarket trading Thursday.

The Bottom Line
Shares of American Express ( AXP ) have a 1.35% dividend yield, based on last night's closing stock price of $59.06. The stock has technical support in the $54 price area. If the shares can firm up, we see overhead resistance around the $61-$65 price levels.

American Express Company ( AXP ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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