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American International Group, Inc. Message Board

  • breakspeed9000 breakspeed9000 Aug 21, 2008 1:31 PM Flag

    CITI-target on AIG $40.50

    CHARLOTTE, N.C. (AP) -- Shares of American International Group Inc. hit their lowest point in nearly 13 years on Thursday as financial shares were once again broadly lower.

    AIG shares lost $1.15, or 5.5 percent, to $19.65 in midday trading. At one point the stock touched $19.50, its lowest since roughly Oct. 1995.

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    New York-based AIG has been hit hard by deterioration in the credit markets amid concerns about the health of complex instruments in its investment portfolio.

    In a research note Thursday, Citi Investment Research analyst Joshua Shanker said investors have become "preoccupied" with the possibility of a third-quarter capital raise from the company due to additional deterioration in mortgage-related securities.

    "We note that potential charges are likely outside of AIG management's realm of control," Shanker wrote.

    He maintains a "Buy" rating on the company, with a target price of $40.50.

    Earlier this month, AIG reported a worse-than-forecast $5.36 billion quarterly loss on more mortgage-related write downs.

    It was the insurer's third consecutive multibillion-dollar quarterly loss, underscoring the continuing problems for AIG and others that hold securities tied to the withering housing market.

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AIG
56.13+0.35(+0.63%)Dec 22 4:06 PMEST

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