Bank of America said it liked the the company's strong brand and noted several positive factors including card fee increases and portfolio growth.

"AXP's distinct business model and brand combines issuing, network, and acquiring in a leading consumer and business-to-business (B2B) Payments franchise that drives 80% of revenue from spending volumes/fees and just 20% from lending. We believe AXP's increasingly revenue-driven P&L algorithm (yielding double-digit EPS growth) is undervalued. We forecast top-line acceleration off 1Q levels during the balance of 2019 (which could be a positive catalyst), due to easier comps, portfolio growth, card fee increases, and easing FX headwinds. Not only does AXP have much less exposure to credit than other card companies (while also enjoying superior credit metrics), but unlike the comps, AXP benefits from lower interest rates, and is also capitalizing on significant growth opportunities in B2B and international markets. In addition, we believe Digital initiatives will continue to drive enviable results in terms of customer acquisition and engagement, as well as operating efficiency."