American Express: Undervalued Network Power—Buy the Pullback
American Express is trading at roughly $330 with a P/E near 20, a 33% ROE and $15.05B in free cash flow. The business combines durable network economics, attractive margins and cash generation that support dividends, buybacks and investment in value-added services. We like a long bias from current levels with a clear entry, stop and target for a 18…