New York, August 7 (FinanceEnquiry.com) – Analyst Cathy Seifert at S&P CAPITAL IQ keeps BUY ratings on the shares of American International Group (NYSE: AIG). The 12-month target price is set to $39.
In a research note published yesterday, the analyst mentions that the target price is based on 10.5x of 2013 estimate of $3.70, which has been less than that of the competitors. The shares have been responding favorably to the news that the US Treasury completed the sale of $5.75 billion of AIG shares, including over allotments and reducing the stake to around 53 percent.
AIG has agreed to repurchase $3 billion of the shares offered to it. This action has been viewed as positive as the government continues to wind down its ownership stake. The shares have been viewed as undervalued against the competitors and historical levels, though it has been noticed the price/book value multiples might remain discounted to peers till the time AIG raises its return on equity, the analyst says.
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