Piper Sandler analysts downgraded American Express (NYSE:AXP) shares to Underweight from Neutral.

They also cut the price target to $149 from the prior $172 per share.

The changes come as the analysts are “increasingly concerned AXP will have difficulty hitting its targeted 10%+ revenue growth and ~15% EPS growth with network volume experiencing a sizable slowdown.”

Moreover, Piper Sandler’s survey on the re-start of federal student debt payments suggests “the 25-34 years old age cohort will be the most impacted and likely will see slower spending combined higher default rates,” they wrote in a client note.

“Considering these negative comps developing, we expect AXP to experience some headwinds on revenue growth and operating margins which will impact 2024 earnings. Therefore, we recommend investors overweight consumer lenders already embedding a slowdown within estimates and/or valuation,” the analysts concluded.

AmEx shares fell 1.5% in pre-open Monday.