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Flash Express, a two-year-old logistics startup that works with e-commerce firms in Thailand, said on Monday it has raised $200 million in a new financing round as it looks to double down on a rapidly growing market spurred by demand due to the coronavirus pandemic.

The funding, a Series D, was led by PTT Oil and Retail Business Public Company Limited, the marquee oil and retail businesses of Thai conglomerate PTT. Durbell and Krungsri Finnovate, two other top conglomerates in the Southeast Asian country, also participated in the round, which brings Flash Express’ to-date raise to about $400 million.

Flash Express, which operates door-to-door pickup and delivery service, claims to be the second largest private player to operate in this space. The startup, which also counts Alibaba as an investor, entered the market with delivery fees as low as 60 cents per parcel, a move that allowed it to quickly

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American Express shares were cut to neutral from buy by Susquehanna analyst James Friedman, based on a full valuation at the credit card and travel services company.

His rating was at buy for at least three years, according to MarketWatch. Friedman affirmed his share-price target at $110.

“It would be hard for [the company] to do better than its merchants, so consensus 2021 revenue up 11% looks full to us,” Friedman wrote in a commentary, according to MarketWatch. He said 7.5% growth is more like it, according to The Fly.

AmEx shares recently traded at $105.31, down 0.7%. They had fallen 15% year to date through Thursday. They also have risen 11% since Sept. 24, including Friday’s move.

Morningstar analyst Eric Compton sees American Express close to his fair-value estimate of $108.

“Investors should expect a difficult year for AmEx, as the company battles the coronavirus pandemic,” he wrote in

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