The firm set the opening price target to $99 for the global payments and travel company.
Deutsche Bank also set annual EPS estimates to $5.56 for fiscal 2014, and to $6.20 for fiscal 2015.
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"AXP stock could outperform if we get an acceleration of U.S. real GDP growth or.... credit concerns, but in the meantime, valuation, concerns over competition, and interchange litigation may be a drag," said Deutsche Bank analyst David Ho.
Shares of American Express are down 0.05% to $91.50 in late morning trading on Thursday.
Separately, TheStreet Ratings team rates AMERICAN EXPRESS CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMERICAN EXPRESS CO (AXP) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, notable return on equity, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."