UPDATE: Sterne Agee Group Reiterates Buy Rating, Raises PT on American International Group
In a report published Wednesday, Sterne Agee Group reiterated its Buy rating on American International Group (NYSE: AIG), and slightly raised its price target from $39.00 to $40.00.
Sterne Agee noted, “We are cutting our 2013/14E EPS by ~9% reflecting lower than previously assumed buybacks. While AIG remains among our favorite ideas for longer-term investors, near-term catalysts are now difficult to identify particularly given AIG expects to be subjected to the Fed's 2013 stress testing. While we expect a positive outcome and continued ongoing capital management, we caution investors to temper buyback expectations until early-to-mid '13 post the stress test results.”
American International Group closed on Tuesday at $33.45.
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