AIG (AIG) Gets Hit On Fundamental Downgrade, But Fundamentals May Be Out the Window
Shares of bailed-out insurer AIG (NYSE: AIG) are down 7 % in pre-open trading, continuing yesterday's 10% downside move, following a downgrade to Underperform by Sanford Bernstein this morning. The firm set a price target of $10, which represents downside of 78% downside from yesterday's $45 close.
Sanford said the current stock price allows very little chance for uncertainty, and fails to corporate considerable downside risk potential - DUH!
For more on the downgrade click here.
But all this being said, AIG is not trading on fundamentals and yesterday we highlighted the ongoing four-pronged 'mother of the mother of all short squeezes' which AIG is a part of.
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