UPDATE: Goldman Sachs Downgrades American International Group to Neutral Following Solid Results

In a report published Tuesday, Goldman Sachs analyst Michael Nannizzi downgraded the rating on American International Group

from Buy to Neutral, but reiterated the $46.00 price target. In the report, Nannizzi noted, “We remove shares of AIG from the Americas Buy List and downgrade to Neutral, as we see limited upside to our $46, 12-month price target. AIG reported results on Thursday, May 2, that beat us and consensus on a headline basis, and underlying results were in line with our expectations. We expect P&C underwriting results to continue to improve, but we believe more is needed to justify further outperformance in shares. Since being added to the Americas Buy List on May 9, 2012, AIG shares are up 42.9% versus a 19.4% increase for the S&P 500. Over the past 12 months, shares are up 38.5% versus the S&P 500 up 18.1%.” American International Group closed on Monday at $45.48.