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American Express shares rise after Deutsche initiates at buy, sees 20% upside in 2018

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American Express stock rose Wednesday after Deutsche Bank initiated coverage on the card company with a buy rating.

A renewed focus on small business helps prove that American Express's model remains "intact," while its devotion to super prime and affluent customers bodes well for 2018, according to analyst Ashish Sabadra.

"We are initiating coverage on American Express, global leading closed-loop card issuer, with a Buy rating and target price of $118," wrote Sabadra in a note to clients Wednesday. "Leading closed-loop network provides a competitive edge which, along with 'spend-centric' business model, differentiates it from peers."