Piper Sandler raised the firm’s price target on AIG (AIG) to $78 from $77 and keeps an Overweight rating on the shares following the company’s offering of 74.75M of Corebridge (CRBG) shares. The analyst continues to believe the sale of AIG’s life operation makes sense for AIG. While the offerings are dilutive to earnings because Corebridge is profitable, it is accretive to AIG’s valuation because the value of property-casualty operations trade at higher multiples than life companies, the analyst tells investors in a research note. Piper continues to believe AIG shares are inexpensive.
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Published first on TheFly
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