BofA/Merrill Starts AIG (AIG) at Buy, Price Target Calls for 32% Upside

Bank of America initiated coverage on shares of American International Group, Inc. (NYSE: AIG) today with a Buy rating and a $37 12-month price, which represents a 32 percent upside from its current level.

The firm reported that the stock could increase as stabilizing results drive investors interest back to the company.

The company is currently trading at 60 percent of its book value, while its peers such as Prudential (NYSE: PRU) and Travelers Co. (NYSE: TRV) trade at book value.

Given extremely attractive valuation BofA encourages investors to take advantage of the stocks current price as it believes that a lack of any material bad news may be enough to allow for healthy stock appreciation.

Shares are up $0.09 or 0.32 to $28.19 on the day.

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