【巴克莱-2025研究报告】美国运通（AXP）：5月信贷数据.pdfVIP

EquityResearch

U.S.ConsumerFinance

16June2025

AmericanExpress

MayCreditData

DQsbeatBARCestimateswiththem/mchangecomingin

betterthannormalseasonalitywhilethey/ychangewasflat

(consistentwithApril).U.S.ConsumerCard

NCOswereAXPEQUALWEIGHT

U.S.ConsumerFinanceNEUTRAL

slightlyhigherthan

BARC.TotalloangrowthwasroughlyPriceTargetUSD249.00

stableat+10.5%y/yvs.+10.9%y/yinApril.Price(13-Jun-25)USD287.79

PotentialUpside/Downside-13.5%

Source:Bloomberg,BarclaysResearch

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