AIG resumed with an Overweight at Morgan Stanley

Morgan Stanley analyst Michael Phillips resumed coverage of AIG (AIG) with an Overweight rating and $70 price target following the spinoff of its Life & Retirement business, Corebridge (CRBG). He views AIG’s P&C business as "one of the strongest franchises in the industry" and expects the shares to earn a higher multiple over time now that the company has moved to become a more pure-play P&C carrier, Phillips tells investors.