BofA analyst Joshua Shanker raised the firm’s price target on AIG (AIG) to $84 from $82 and keeps a Neutral rating on the shares. The firm had previously valued AIG on a sum-of-the-parts basis valuing the General Insurance and Life businesses individually plus the value of the deferred tax asset, but following the deconsolidation of Corebridge (CRBG) it says it will value AIG like most of its peers. The firm expects that AIG will continue to sell down its remaining stake in Corebridge to fund the repurchase of AIG shares, the analyst noted.
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Read More on AIG:
- AIG Amends Corebridge Agreement, Enhances Board Independence
- AIG completes deconsolidation of Corebridge Financial
- AIG announces launch of 30M share offering of Corebridge common stock
- AIG downgraded to Hold from Buy at HSBC (yesterday)
- Corebridge shares up 11% after AIG agrees to sell 20% stake to Nippon Life