Morgan Stanley Believes American International Group (AIG) Still Has Room to Grow
In a report issued on August 8, Michael Phillips CFA from Morgan Stanley reiterated a Buy rating on American International Group (AIG), with a price target of $63. The company’s shares closed on Friday at $56.26, close to its 52-week high of $57.59.
Currently, the analyst consensus on American International Group is a Moderate Buy with an average price target of $60.89, which is an 8.2% upside from current levels. In a report issued on August 8, Barclays also maintained a Buy rating on the stock with a $65 price target.
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Based on American International Group’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $12.45 billion and net profit of $1.11 billion. In comparison, last year the company earned revenue of $11.47 billion and had a net profit of $937 million.
Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AIG in relation to earlier this year.
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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.