American Express (AXP) Stock Looks Below Fair Value On Earnings Strength

American Express has delivered a strong share-price run over the past few years, even as the stock has slipped this year, which puts fresh focus on whether that market value lines up with the returns the group earns on its capital. With investors digesting hefty profit figures, new products and a workforce reshaping, the key issue is how much of the current price reflects the underlying engine that turns card spending into shareholder returns. Over the past 3 years, American Express has...