UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on American International Group Following Meetings

In a report published Wednesday, Deutsche Bank analyst Joshua Shanker reiterated a Buy rating on

, and raised the price target from $52.00 to $56.00. In the report, Deutsche Bank noted, “Following meetings with Peter Hancock, we feel more confident that AIG is on track to achieve a 90-95% combined ratio in its P&C operations by 2015. Additionally, paid loss trends could be improving more quickly than GAAP results indicate. Management hopes to implement a ‘modest' (but not merely "nominal") dividend and continue share repurchases in 2013, but is not yet prepared to speak to the views of its board, the Fed and the rating agencies. Our Buy recommendation is predicated on our view that material 12-month upside remains in the stock today. Maintain Buy.” American International Group closed on Tuesday at $45.14.