Deutsche Bank Comments on American International Group's (AIG) Q1
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Deutsche Bank maintained a Hold rating on American International Group (NYSE: AIG) with a price target of $55. Comments follow Q1 results.
Analyst Joshua Shanker said, "AIG's result compared with our forecast of $1.02 and Street consensus of $1.07. While a sizable EPS beat, the differences with our numbers largely relate to outsized performance in capital market sensitive line items like $469mm in mark-to-market gains on the DIB/GCM business (vs. none in our model) and $862mm in alternative/other investment income (vs. our $782mm). These two items combine for $0.21 in earnings. We were forecasting about $0.84 in "normalized" core earnings, and AIG produced approximately $0.79. The slow progress on core earnings growth is key to our Hold recommendation."
Shares of American International Group closed at $52.72 yesterday.
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