Shares of American Express (AXP.N) rise about 2% to $352.50 in premarket trading.
J.P. Morgan upgrades the stock to "overweight" from "neutral" and raises its price target to $400 from $328, representing 14% upside to the stock's last close of $350.58.
The brokerage says AXP's affluent customer base is relatively shielded from the energy squeeze and offers defensive revenue visibility in an uncertain backdrop.
"AXP's affluent customer base is likely to maintain spending levels unless a new tail risk emerges that drives up unemployment," JPM said.
12 of 31 brokerages rate the stock "buy" or higher, while 19 rate it "hold"; their median price target is $367, according to LSEG-compiled data.
As of the last close, the stock was down 5.2% year to date.
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