UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on American International Group
In a report published Monday, Deutsche Bank reiterated its Buy rating on American International Group (NYSE: AIG), but slightly lowered its price target from $42.00 to $41.00.
Deutsche Bank noted, “AIG's net pre-tax loss exposure for Hurricane Sandy, at $2 billion, is higher than we would expect and should have a negative impact on the stock. Contrarily, AIG's sale of ILFC comes as a surprise. At $5.28 billion the price seems perhaps above expectations. Previously, it was uncertain as to whether an ILFC sale would actually occur. We believe the sale of ILFC simplifies the AIG story and is another example of management's success at implementing its plan. We rate shares of AIG as Buy with upside to our target price.”
American International Group closed on Friday at $34.13.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.