AIG price target lowered to $70 from $71 at Citi

Citi analyst Michael Ward lowered the firm’s price target on AIG to $70 from $71 and keeps a Buy rating on the shares ahead of the Q1 results. The analyst continues to favor property and casualty brokers for their relative lack of balance sheet risk versus underwriters. In commercial lines, the firm points to property pricing firmness and reserve adequacy. In personal lines, Citi is incrementally cautious on auto given the persistence of volatility in loss trends evidenced by recent misses.