American Express has seen some issues with maintaining its partnerships. Earlier this year, Fidelity Investments announced it would drop the company as a credit-card partner in favor of U.S. Bancorp and Visa.
American Express also lost its Costco contract, which the company has said would negatively impact its profits for two years. The credit-card issuer said in February that it expects to complete the sale of the deal to Citigroup by June. American Express expects to gain about $1 billion after the close of the deal.
Chris Donat, managing director at Sandler O'Neill, told CNBC's "Closing Bell" that although AmEx posted good numbers, he's more worried about the future impact of the partnerships it's lost.
"They sure have a long way to go in terms of replacing the Costco business that's going to go off their books in the second quarter," he said.
However, Donat remains optimistic on the credit card company.
"I think it should trade at a higher multiple than it is now," he said. "Right now it's around 12 times forward earnings. ... This is a great franchise. It's a trusted brand. It's well positioned for how the payments world evolves in a lot of ways."
— Reuters and CNBC's Denise Garcia contributed to this report.