J P M O R G A N North America Equity Research 15 June 2026 American Express Model Update We are updating our AXP model. Beyond incorporating recent results, we have made structural adjustments to reflect AXP's shift from separately reporting Card Member receivables and Card Member loans to an aggregated 'card balances' metric at the segment level. We increase our Dec 2026 price target to $328 (from $325) and maintain our Neutral rating. We apply a target multiple of 16.5x (unchanged) to our 2027 adj. EPS es ...