AIG price target lowered to $63 from $65 at BMO Capital

BMO Capital analyst Michael Zaremski lowered the firm’s price target on AIG to $63 from $65 and keeps a Market Perform rating on the shares. The firm is updating its model on the company with the assumption that AIG reduces its current 65% ownership stake in Corebridge to about 53% by the end of 2023 and then sells the remainder at by the end of 2024. AIG’s current valuation also embeds expectations that are too lofty from a near-term risk/reward perspective relative to peers, the analyst tells investors in a research note.