Wells Fargo analyst Elyse Greenspan maintained a Buy rating on American International Group (AIG) yesterday and set a price target of $48. The company’s shares closed yesterday at $43.47.
Greenspan wrote:
“We currently forecast adverse development in 2019 and 2020 of $82 million and $74 million, respectively. We believe our analysis lends support to the thesis that AIG estimates have bottomed. Our price target is unchanged (at $48). We reaffirm our Outperform rating on the shares – if our reserve development assumption proves accurate we believe that would be favorable viewed by investors.”
According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 3.5% and a 62.8% success rate. Greenspan covers the Financial sector, focusing on stocks such as Marsh & Mclennan Companies, AXA Equitable Holdings Inc, and Renaissancere Holdings Ltd.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for American International Group with a $50.71 average price target, representing a 16.7% upside. In a report issued on February 15, Compass Point also upgraded the stock to Buy with a $56 price target.
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Based on American International Group’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $12.25 billion and GAAP net loss of $622 million. In comparison, last year the company earned revenue of $13.01 billion and had a GAAP net loss of $6.66 billion.
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American International Group, Inc. engages in the provision of a range of property casualty insurance, life insurance, retirement products, and other financial services to commercial and individual customers. It operates through the following segments: General Insurance, Life and Retirement, Other Operations, and Legacy Portfolio.
