UPDATE: Bank of America Merrill Lynch Maintains Buy Rating, Raises PT for American International Group

In a report published earlier today, Bank of America Merrill Lynch maintained its Buy rating for American International Group, Inc.

and raised its price target from $40.00 to $44.00. BofA Merrill Lynch said in its report “We see AIG as a classic value idea given a sizeable discounted valuation relative to peers, low expectations and sentiment on the shares that we would describe as quite cautious. In other words, the bar has been set low and a lack of any material bad news may be enough to allow for healthy stock price appreciation. We believe that a focused management team, greatly improved risk management, a global P/C platform and a diversified earnings stream provide the fuel for potential gains.” American International Group, Inc. closed yesterday at $34.14.