Piper Jaffray Sees Growth At American Express Ahead of Thursday Earnings (AXP)

Piper Jaffray analysts Robert Napoli, Brian Hogan, and Jason Deleeuw reiterated an Overweight rating for American Express (NYSE: AXP) ahead of the company's earnings report on July 22nd.

Piper Jaffray expects a 16% spending growth at American Express, outpacing the industry average.

The analysts said, "Credit quality has substantially improved for AXP, well-ahead of the industry by an impressive margin. The key to performance of AXP shares from here is its ability to convince investors that this is still a growth company."

An Overweight rating and a $56 price target were reiterated. The price target is 16x 2011E EPS.

Shares of AXP are currently trading at $41.58.