Subject: American Express
Amex looks very attractive at 52-week lows after falling over 5% today.

They reported what seemed like a very good Q3 earnings. Even though they beat expectations overall, some apparently reacted negatively to greater than expected reserve build up for credit losses.

The 2023 guidance is for EPS of $11 - $11.40 with revenue growth of 15 - 17%. For 2024, they are aiming for mid-teens EPS and at least 10% revenue growth. At $141, they are trading at under 11 times expected 2024 earnings. The 5 year average FWD PE is 18.5. And this in spite of excellent revenue and EPS growth.

Amex is a long-term holding of Berkshire Hathaway which owns 20%.