AIG price target raised to $76 from $72 at RBC Capital

RBC Capital raised the firm’s price target on AIG to $76 from $72 and keeps an Outperform rating on the shares. The analyst notes that while there is some loss of core earnings from divesting the Validus Re and the Crop Insurance units in 2024, the firm believes that much of this is being offset by large share buybacks and slightly lower assumed catastrophe loss assumptions. AIG’s buyback capacity should remain substantial given its recent asset sales and the potential for additional Corebridge stake sales in 2024, the firm added.