American Express (AXP) – Get Report shares fell Wednesday after Bank of America Securities analyst Mihir Bhatia downgraded the credit card and travel services company to underperform from neutral and trimmed his share-price target to $95 from $106.
“Bank of America sector analysts estimate it could be 2024 before spending volumes on airlines and lodging are at 2019 levels, and a full recovery is dependent on a vaccine being available and widely administered,” he wrote in a commentary cited by MarketWatch.
