JPMorgan analyst Richard Shane does not view today’s investor day as a near-term catalyst for shares of American Express (AXP). Management is likely focus on the company’s strategic initiatives and reorganization, Shane tells investors in a research note. He does not expect management to answer directly the question of whether the company is for sale, but he does expect an emphasis on the long-term value of the platform and brand. Shane views the likelihood of American Express being sold as “very low.”

Adding $147B of assets on a balance sheet in an environment where the focus remains on reducing systemic risk “would be unpalatable to regulators,” the analyst writes of potential suitors. He keeps a Neutral rating on Amex with a $65 price target ahead of the today’s investor day. The stock closed yesterday down 40c to $59.03.