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Nomura lowered its rating on American Express to reduce from neutral, predicting the credit card company's continued market share losses will hurt its financial results.
"We believe the combination of softer-than-expected revenues and higher-than-expected expenses will weigh on AXP," analyst Bill Carcache wrote in a note to clients Thursday.
"Layer in what we expect will be a fourth year of market share losses in U.S. billings and growing concerns about business model risk, and we're left with what we view as a recipe for underperformance."
