Upgrade of the Day: American Express

American Express Company (NYSE:AXP) received an Upgrade today from Citigroup, moving from 'Sell' to 'Hold' and a new price target of $16.

Analysts at Citigroup said that the recent 40% drop in value has flushed a lot of downside from the stock. "American Express shares are down 40% over the past four months, underperforming the S&P 500 Financials -31% and S&P 500 -9%.

While we expect the news flow for American Express to remain negative, the case for material downside to the shares is less compelling as sentiment is already very bearish and there are signs of potential credit market stabilization," the analysts said

AXP shares are unchanged on the news, steady at $15 a share this morning.  The 52-week range for American Express runs from $52 all the way down to $9.  Keep in the mind in the last month AXP shares have comeback 47% and paid out an 18 Cent dividend on April 1st.