Possible to Churn AmEx Cards Via Targeted Offers?

We all know that as of May 1, 2014 it’s only possible to get an Amex signup bonus once per lifetime. This limit shows clearly in the Offer Terms:

Because of that, we’ve always careful to only apply for an Amex card when it’s at the absolute highest signup bonus offered.

[READ: List of Churnable Credit Cards]

It’s been pointed out on Reddit that TARGETED Amex signup offers don’t always show this caveat and would seemingly mean that the targeted offer recipient would be eligible for the signup bonus, despite having received the bonus in the past. We haven’t found any confirmed reports of getting the bonus, but it appears likely that it will work.

Of course we realize that Amex isn’t likely to send such targeted offers out to those who already had the card and they may have input into their system specifically not to do so. That said, there has been at least one report of a targeted offer despite having previously received that same bonus, so it does appear possible.

I was curious to see if odd-ball public offers from Amex show clearly the once-per-lifetime limit and I checked the (currently available) Amex Blue/Universal sign up offer.  The Terms there do clearly state the once-per-lifetime limit so that won’t work.  But, Hey, I had to try!