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Morgan Stanley analysts said that following the Department of Justice's antitrust lawsuit regarding anti-steering practices against Visa (NYSE:V), MasterCard (NYSE:MA) and American Express (NYSE:AXP), only American Express said it would challenge the lawsuit, on the grounds that it violates the DOJ's own efforts to provide a competitive choice to consumers and merchants. Analysts Betsy Graseck, Matthew Kelley, Adam Frisch and Glenn Fodor said, "While the announcement of today's DOJ lawsuit against AXP is a headwind for the firm, we believe the reaction to the news was overblown. The stock declined 6.5% on the day, compared to a roughly 4-5% negative top-line impact if AXP were to simply accept the lawsuit and cut its average US merchant discount rate by roughly 8% across the board to be in line with V and MA." The bank maintained its overweight rating on the stock, with a $52 price target. Morgan Stanley sees fiscal 2010 EPS of $2.81 and fiscal 2011 EPS of $3.49. SmarTrend alerted subscribers to take profits in American Express on October 04, 2010 at $40.24, since then the stock fell 6.4%. We are now watching for any positive developments that could result in a new uptrend signal.
