UPDATE: Morgan Stanley Reiterates on American Express as Class Action Settlement Appears Modestly Positive

In a report published Friday, Morgan Stanley analyst Betsy L. Graseck reiterated an Equal-Weight rating on American Express (NYSE: AXP ), but removed the $90.00 price target. In the report, Morgan Stanley noted, “Our read of Amex's statement is that merchants cannot surcharge differentially on premium cards vs. non-premium cards.