Despite widespread fears that a recession is coming, American Express management is more optimistic about the year ahead than analysts expected.
Management's rosy forecast is for double-digit percentage revenue growth this year, building on the 25% top-line growth the company achieved in 2022. In addition, management soothed investors' concerns about how the company is faring during this uncertain macroeconomic environment, noting that it wasn't seeing signs of a recession from its customer base. The most bullish of these analysts, Stephen Biggar at Argus Research, raised his price target on the stock from $180 to $210.
This Buffett favorite beat the market in 2022, and it's poised to try and do it again this year.