Waves of Selling Hits AIG
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Selling pressure in American International Group, Inc. (NYSE: AIG) has significantly accelerated. Shares are now down nearly 11.5% following this morning negative report from analysts at Sanford Bernstein.
The firm cut their price target on AIG to $12 from $20 after a loss reserve analysis. The firm said their segmented industry loss reserve analysis revealed a very unexpected result that could have major ramifications in coming year. They said it appears that AIG's loss reserves are significantly deficient again, much sooner that they would have forecast 2 years ago.
The firm continues to rate AIG underperform.
More on Sanford Bernstein's research report on AIG.
The firm cut their price target on AIG to $12 from $20 after a loss reserve analysis. The firm said their segmented industry loss reserve analysis revealed a very unexpected result that could have major ramifications in coming year. They said it appears that AIG's loss reserves are significantly deficient again, much sooner that they would have forecast 2 years ago.
The firm continues to rate AIG underperform.
More on Sanford Bernstein's research report on AIG.
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