Credit Suisse Cut Estimates/Price Target on AIG (AIG)

Credit Suisse cut estimates on American International Group, Inc. (NYSE: AIG) and lowered their price target from $30 to $22, citing recent deterioration in debt holdings that may cause more losses in AIG's credit-default swaps.

The firm now expects AIG to report a Q3 loss of $0.86 per share, versus its prior view of a $0.13 profit. The firm maintained their Neutral rating on AIG.

Shares of AIG are down 4.5% to $18.97, a new 52-week and multi-year low.

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