BMO Capital analyst Michael Zaremski upgraded AIG to Outperform from Market Perform with a price target of $83, up from $72. AIG trades at an “inexpensive” price-to-book value ex-AOCI basis and the firm expects the market will “see through” potentially downwards EPS revisions in 2024 from the de-consolidation of Life Insurance, the analyst tells investors. AIG’s higher reinsurance reliance, which soared in 2023, is now more of a positive given it offers AIG shareholders more social inflationary protection given the firm’s expectation for lawsuit/social inflationary pressures to persist into 2024, the analyst added.
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