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2021-07-27
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4 American Express Analysts Break Down Q2 Earnings<blockquote>4 位美国运通分析师详解第二季度收益</blockquote>
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U.S. consumer spending is at 98% of pre-pandemic levels and is expected to continue to grow, said the analyst.</p><p><blockquote>德弗里斯说，今年迄今为止，美国运通的信贷表现一直在改善，该公司的信贷储备和资本水平看起来将比同行更快地恢复正常。这位分析师表示，美国消费者支出为大流行前水平的 98%，预计将继续增长。</blockquote></p><p> The company’s EPS beat of $2.80 blew the bank’s $1.62 expectations out of the water, primarily driven by an $866-million capital reserve release and better-than-expected revenues, he said.</p><p><blockquote>他说，该公司每股收益超过 2.80 美元，超出了该银行 1.62 美元的预期，这主要是由于释放了 8.66 亿美元的资本储备和好于预期的收入。</blockquote></p><p> Despite the positives coming out of second-quarter results, American Express trades at a relatively high valuation, DeVries noted. The company trades at 19x expected 2022 EPS estimates, a “significant premium” to historical multiples and where peer card issuers trade, the analyst said.</p><p><blockquote>德弗里斯指出，尽管第二季度业绩表现积极，但美国运通的估值相对较高。这位分析师说，该公司的交易价格是 2022 年每股收益预期的 19 倍，比历史倍数和同行发卡机构的交易价格 “大大溢价”。</blockquote></p><p> DeVries maintained an Equal Weight rating on American Express and raised the price target from $155 to $166, based on an 18x multiple on expected 2022 EPS.</p><p><blockquote>德弗里斯维持美国运通的同等权重评级，并根据 2022 年预期每股收益的 18 倍，将目标价从 155 美元上调至 166 美元。</blockquote></p><p> <h3>The Credit Suisse View</h3> Overall, American Express’s second-quarter results were positive, yet the company is still lagging behind peers, said analyst Moshe Orenbuch.</p><p><blockquote><h3>瑞士信贷观点</h3>分析师摩西-奥伦布赫（Moshe Orenbuch）说，总体而言，美国运通第二季度的业绩是积极的，但该公司仍落后于同行。</blockquote></p><p> The company did book better-than-expected billed business revenue, and travel and expense spending recovered faster than expected, yet the category growth underperformed competitors, said the analyst.</p><p><blockquote>这位分析师表示，该公司的计费业务收入确实好于预期，差旅和费用支出恢复速度快于预期，但品类增长表现逊于竞争对手。</blockquote></p><p> <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> key positives drawn from the earnings call were that the bank is accelerating its share buyback and that card fees came in at $1.29 billion, demonstrating that demand for American Express’s premium-based fee products is accelerating, said the analyst.</p><p><blockquote><a href=\"https://laohu8.com/S/TWOA.U\">二</a>这位分析师说，从财报看涨期权中得出的主要积极因素是，该银行正在加快股票回购，信用卡手续费达到 12.9 亿美元，这表明对美国运通保费产品的需求正在加速。</blockquote></p><p> Credit Suisse estimates for expected 2022 EPS were revised higher than guidance from $8.70 to $9.30 following the call, said the analyst.</p><p><blockquote>该分析师表示，看涨期权后，瑞士信贷对 2022 年每股收益的预期从 8.70 美元上调至 9.30 美元，高于指引。</blockquote></p><p> Longer-term, Orenbuch maintains an Underperform rating with a price target increase from $135 to $150, based on a 16x multiple on expected 2022 EPS.</p><p><blockquote>从长期来看，Orenbuch 维持跑输大盘评级，根据 2022 年预期每股收益的 16 倍，将目标价从 135 美元上调至 150 美元。</blockquote></p><p> <h3>The RBC View</h3> American Express’s second quarter was strong, driven by a spending rebound, said analyst Jon Arfstrom.</p><p><blockquote><h3>加拿大皇家银行视图</h3>分析师乔恩-阿夫斯特罗姆（Jon Arfstrom）说，在支出反弹的推动下，美国运通第二季度业绩强劲。</blockquote></p><p> The earnings call showed improving trends in credit quality, fee revenues, card member loan revenues, and both T&E and non-T&E billings, said the analyst.</p><p><blockquote>该分析师表示，盈利看涨期权显示信贷质量、费用收入、持卡会员贷款收入以及 T&E 和非 T&E 账单均呈改善趋势。</blockquote></p><p> Management expected these trends to continue to benefit the company from now through the end of 2022, with T&E spending expected to close in on pre-pandemic levels, said Arfstrom.</p><p><blockquote>Arfstrom 表示，管理层预计从现在到 2022 年底，这些趋势将继续使公司受益，T&E 支出预计将接近大流行前的水平。</blockquote></p><p> The strong growth in those categories came with a 25.7% increase in customer-related and marketing expenses, said the RBC analyst.</p><p><blockquote>加拿大皇家银行分析师表示，这些类别的强劲增长伴随着客户相关和营销费用增长了 25.7%。</blockquote></p><p> The analyst revised 2022 EPS estimates from $9.15 to $9.25.</p><p><blockquote>分析师将 2022 年每股收益预期从 9.15 美元修正至 9.25 美元。</blockquote></p><p> Longer-term, Arfstrom maintains a Sector Perform rating, lowering the price target from $185 to $174, reflective of an expected 2022 EPS multiple contraction from 20x to 19x.</p><p><blockquote>从长期来看，Arfstrom 维持行业表现评级，将目标价从 185 美元下调至 174 美元，反映出预计 2022 年每股收益倍数将从 20 倍萎缩至 19 倍。</blockquote></p><p> <h3>The BMO View</h3> BMO analyst James Fotheringham provided a brief update on the company following earnings.</p><p><blockquote><h3>BMO 观点</h3>BMO 分析师 James Fotheringham 在财报公布后简要介绍了该公司的最新情况。</blockquote></p><p> The reported revenue and credit beats led the analyst to raise forward expectations by 15% due to increased future revenue and lower provisions estimates, according to the analyst.</p><p><blockquote>该分析师表示，由于未来收入增加和拨备预期降低，报告的收入和信贷超出预期导致分析师将前瞻性预期提高了 15%。</blockquote></p><p> American Express’s 51% increase in card volume and year-ove-ryear card acquisition doubling “surprised positively,” said Fotheringham.</p><p><blockquote>Fotheringham 说，美国运通的刷卡量增长了 51%，刷卡量同比翻了一番，这 “令人惊喜”。</blockquote></p><p> Despite this quarter’s positives, the company’s expected 2022 EPS estimates are a little stretched given the ongoing T&E headwinds, said the analyst.</p><p><blockquote>这位分析师说，尽管本季度业绩积极，但鉴于持续的 T&E 不利因素，该公司对 2022 年每股收益的预期有点捉襟见肘。</blockquote></p><p> Fotheringham maintained the bank’s Market Perform rating, increasing the price target from $135 to $151.</p><p><blockquote>Fotheringham 维持了该银行的市场表现评级，将目标价从 135 美元上调至 151 美元。</blockquote></p><p> <b>AXP Price Action:</b> American Express was down 0.33% at $172.61 at last check Monday.</p><p><blockquote><b>AXP价格行为：</b>周一最后一次检查时，美国运通下跌 0.33%，至 172.61 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n4 American Express Analysts Break Down Q2 Earnings<blockquote>4 位美国运通分析师详解第二季度收益</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-07-27 10:38</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Following <b>American <a href=\"https://laohu8.com/S/EXPR\">Express</a> Co’s </b>(NYSE:AXP) second-quarter earnings beat Friday, analysts from Barclays, Credit Suisse, RBC, and BMO provided key takeaways and revised forecasts.</p><p><blockquote>下面的<b>美国的<a href=\"https://laohu8.com/S/EXPR\">表达</a>公司</b>（纽约证券交易所股票代码：AXP）巴克莱、瑞士信贷、加拿大皇家银行和蒙特利尔银行的分析师提供了关键要点和修订后的预测。</blockquote></p><p> <h3>The Barclays View</h3> American Express had a solid second quarter driven by improving the credit environment and U.S. consumer spending trends, said analyst Mark DeVries in a Monday note.</p><p><blockquote><h3>巴克莱观点</h3>分析师马克·德弗里斯在周一的一份报告中表示，在信贷环境和美国消费者支出趋势改善的推动下，美国运通第二季度业绩稳健。</blockquote></p><p> American Express’s credit performance has consistently improved year-to-date, with the company’s credit reserves and capital levels looking like they will normalize faster than peers, said DeVries. U.S. consumer spending is at 98% of pre-pandemic levels and is expected to continue to grow, said the analyst.</p><p><blockquote>德弗里斯说，今年迄今为止，美国运通的信贷表现一直在改善，该公司的信贷储备和资本水平看起来将比同行更快地恢复正常。这位分析师表示，美国消费者支出为大流行前水平的 98%，预计将继续增长。</blockquote></p><p> The company’s EPS beat of $2.80 blew the bank’s $1.62 expectations out of the water, primarily driven by an $866-million capital reserve release and better-than-expected revenues, he said.</p><p><blockquote>他说，该公司每股收益超过 2.80 美元，超出了该银行 1.62 美元的预期，这主要是由于释放了 8.66 亿美元的资本储备和好于预期的收入。</blockquote></p><p> Despite the positives coming out of second-quarter results, American Express trades at a relatively high valuation, DeVries noted. The company trades at 19x expected 2022 EPS estimates, a “significant premium” to historical multiples and where peer card issuers trade, the analyst said.</p><p><blockquote>德弗里斯指出，尽管第二季度业绩表现积极，但美国运通的估值相对较高。这位分析师说，该公司的交易价格是 2022 年每股收益预期的 19 倍，比历史倍数和同行发卡机构的交易价格 “大大溢价”。</blockquote></p><p> DeVries maintained an Equal Weight rating on American Express and raised the price target from $155 to $166, based on an 18x multiple on expected 2022 EPS.</p><p><blockquote>德弗里斯维持美国运通的同等权重评级，并根据 2022 年预期每股收益的 18 倍，将目标价从 155 美元上调至 166 美元。</blockquote></p><p> <h3>The Credit Suisse View</h3> Overall, American Express’s second-quarter results were positive, yet the company is still lagging behind peers, said analyst Moshe Orenbuch.</p><p><blockquote><h3>瑞士信贷观点</h3>分析师摩西-奥伦布赫（Moshe Orenbuch）说，总体而言，美国运通第二季度的业绩是积极的，但该公司仍落后于同行。</blockquote></p><p> The company did book better-than-expected billed business revenue, and travel and expense spending recovered faster than expected, yet the category growth underperformed competitors, said the analyst.</p><p><blockquote>这位分析师表示，该公司的计费业务收入确实好于预期，差旅和费用支出恢复速度快于预期，但品类增长表现逊于竞争对手。</blockquote></p><p> <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> key positives drawn from the earnings call were that the bank is accelerating its share buyback and that card fees came in at $1.29 billion, demonstrating that demand for American Express’s premium-based fee products is accelerating, said the analyst.</p><p><blockquote><a href=\"https://laohu8.com/S/TWOA.U\">二</a>这位分析师说，从财报看涨期权中得出的主要积极因素是，该银行正在加快股票回购，信用卡手续费达到 12.9 亿美元，这表明对美国运通保费产品的需求正在加速。</blockquote></p><p> Credit Suisse estimates for expected 2022 EPS were revised higher than guidance from $8.70 to $9.30 following the call, said the analyst.</p><p><blockquote>该分析师表示，看涨期权后，瑞士信贷对 2022 年每股收益的预期从 8.70 美元上调至 9.30 美元，高于指引。</blockquote></p><p> Longer-term, Orenbuch maintains an Underperform rating with a price target increase from $135 to $150, based on a 16x multiple on expected 2022 EPS.</p><p><blockquote>从长期来看，Orenbuch 维持跑输大盘评级，根据 2022 年预期每股收益的 16 倍，将目标价从 135 美元上调至 150 美元。</blockquote></p><p> <h3>The RBC View</h3> American Express’s second quarter was strong, driven by a spending rebound, said analyst Jon Arfstrom.</p><p><blockquote><h3>加拿大皇家银行视图</h3>分析师乔恩-阿夫斯特罗姆（Jon Arfstrom）说，在支出反弹的推动下，美国运通第二季度业绩强劲。</blockquote></p><p> The earnings call showed improving trends in credit quality, fee revenues, card member loan revenues, and both T&E and non-T&E billings, said the analyst.</p><p><blockquote>该分析师表示，盈利看涨期权显示信贷质量、费用收入、持卡会员贷款收入以及 T&E 和非 T&E 账单均呈改善趋势。</blockquote></p><p> Management expected these trends to continue to benefit the company from now through the end of 2022, with T&E spending expected to close in on pre-pandemic levels, said Arfstrom.</p><p><blockquote>Arfstrom 表示，管理层预计从现在到 2022 年底，这些趋势将继续使公司受益，T&E 支出预计将接近大流行前的水平。</blockquote></p><p> The strong growth in those categories came with a 25.7% increase in customer-related and marketing expenses, said the RBC analyst.</p><p><blockquote>加拿大皇家银行分析师表示，这些类别的强劲增长伴随着客户相关和营销费用增长了 25.7%。</blockquote></p><p> The analyst revised 2022 EPS estimates from $9.15 to $9.25.</p><p><blockquote>分析师将 2022 年每股收益预期从 9.15 美元修正至 9.25 美元。</blockquote></p><p> Longer-term, Arfstrom maintains a Sector Perform rating, lowering the price target from $185 to $174, reflective of an expected 2022 EPS multiple contraction from 20x to 19x.</p><p><blockquote>从长期来看，Arfstrom 维持行业表现评级，将目标价从 185 美元下调至 174 美元，反映出预计 2022 年每股收益倍数将从 20 倍萎缩至 19 倍。</blockquote></p><p> <h3>The BMO View</h3> BMO analyst James Fotheringham provided a brief update on the company following earnings.</p><p><blockquote><h3>BMO 观点</h3>BMO 分析师 James Fotheringham 在财报公布后简要介绍了该公司的最新情况。</blockquote></p><p> The reported revenue and credit beats led the analyst to raise forward expectations by 15% due to increased future revenue and lower provisions estimates, according to the analyst.</p><p><blockquote>该分析师表示，由于未来收入增加和拨备预期降低，报告的收入和信贷超出预期导致分析师将前瞻性预期提高了 15%。</blockquote></p><p> American Express’s 51% increase in card volume and year-ove-ryear card acquisition doubling “surprised positively,” said Fotheringham.</p><p><blockquote>Fotheringham 说，美国运通的刷卡量增长了 51%，刷卡量同比翻了一番，这 “令人惊喜”。</blockquote></p><p> Despite this quarter’s positives, the company’s expected 2022 EPS estimates are a little stretched given the ongoing T&E headwinds, said the analyst.</p><p><blockquote>这位分析师说，尽管本季度业绩积极，但鉴于持续的 T&E 不利因素，该公司对 2022 年每股收益的预期有点捉襟见肘。</blockquote></p><p> Fotheringham maintained the bank’s Market Perform rating, increasing the price target from $135 to $151.</p><p><blockquote>Fotheringham 维持了该银行的市场表现评级，将目标价从 135 美元上调至 151 美元。</blockquote></p><p> <b>AXP Price Action:</b> American Express was down 0.33% at $172.61 at last check Monday.</p><p><blockquote><b>AXP价格行为：</b>周一最后一次检查时，美国运通下跌 0.33%，至 172.61 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AFG":"美国金融集团有限公司","AXP":"美国运通","QTWO":"Q2 Holdings Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154961431","content_text":"Following American Express Co’s (NYSE:AXP) second-quarter earnings beat Friday, analysts from Barclays, Credit Suisse, RBC, and BMO provided key takeaways and revised forecasts.\nThe Barclays View\nAmerican Express had a solid second quarter driven by improving the credit environment and U.S. consumer spending trends, said analyst Mark DeVries in a Monday note.\nAmerican Express’s credit performance has consistently improved year-to-date, with the company’s credit reserves and capital levels looking like they will normalize faster than peers, said DeVries. U.S. consumer spending is at 98% of pre-pandemic levels and is expected to continue to grow, said the analyst.\nThe company’s EPS beat of $2.80 blew the bank’s $1.62 expectations out of the water, primarily driven by an $866-million capital reserve release and better-than-expected revenues, he said.\nDespite the positives coming out of second-quarter results, American Express trades at a relatively high valuation, DeVries noted. The company trades at 19x expected 2022 EPS estimates, a “significant premium” to historical multiples and where peer card issuers trade, the analyst said.\nDeVries maintained an Equal Weight rating on American Express and raised the price target from $155 to $166, based on an 18x multiple on expected 2022 EPS.\nThe Credit Suisse View\nOverall, American Express’s second-quarter results were positive, yet the company is still lagging behind peers, said analyst Moshe Orenbuch.\nThe company did book better-than-expected billed business revenue, and travel and expense spending recovered faster than expected, yet the category growth underperformed competitors, said the analyst.\nTwo key positives drawn from the earnings call were that the bank is accelerating its share buyback and that card fees came in at $1.29 billion, demonstrating that demand for American Express’s premium-based fee products is accelerating, said the analyst.\nCredit Suisse estimates for expected 2022 EPS were revised higher than guidance from $8.70 to $9.30 following the call, said the analyst.\nLonger-term, Orenbuch maintains an Underperform rating with a price target increase from $135 to $150, based on a 16x multiple on expected 2022 EPS.\nThe RBC View\nAmerican Express’s second quarter was strong, driven by a spending rebound, said analyst Jon Arfstrom.\nThe earnings call showed improving trends in credit quality, fee revenues, card member loan revenues, and both T&E and non-T&E billings, said the analyst.\nManagement expected these trends to continue to benefit the company from now through the end of 2022, with T&E spending expected to close in on pre-pandemic levels, said Arfstrom.\nThe strong growth in those categories came with a 25.7% increase in customer-related and marketing expenses, said the RBC analyst.\nThe analyst revised 2022 EPS estimates from $9.15 to $9.25.\nLonger-term, Arfstrom maintains a Sector Perform rating, lowering the price target from $185 to $174, reflective of an expected 2022 EPS multiple contraction from 20x to 19x.\nThe BMO View\nBMO analyst James Fotheringham provided a brief update on the company following earnings.\nThe reported revenue and credit beats led the analyst to raise forward expectations by 15% due to increased future revenue and lower provisions estimates, according to the analyst.\nAmerican Express’s 51% increase in card volume and year-ove-ryear card acquisition doubling “surprised positively,” said Fotheringham.\nDespite this quarter’s positives, the company’s expected 2022 EPS estimates are a little stretched given the ongoing T&E headwinds, said the analyst.\nFotheringham maintained the bank’s Market Perform rating, increasing the price target from $135 to $151.\nAXP Price Action: American Express was down 0.33% at $172.61 at last check Monday.","news_type":1,"symbols_score_info":{"QTWO":0.9,"AMSWA":0.9,"AFG":0.9,"AXP":0.9}},"isVote":1,"tweetType":1,"viewCount":2182,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/809814787"}
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