Wells Fargo Upgrades AIG (AIG) to Market Perform; Raising EPS Estimates

Wells Fargo upgraded AIG (NYSE: AIG) from Underperform to Market Perform. Valuation range $28-31.

Wells analyst says, "We are increasing our estimates on AIG largely to reflect the impact of first quarter results. Further, we've made some refinements meant to reflect (1) changes in some of our underlying assumptions and (2) changes in the presentation of numbers. Our EPS estimates for 2011 and 2012 rise to $3.71 from $1.57 and to $3.48 from $2.40, respectively...Over the course of 2011, AIG shares have dropped 35.4% (vs. an increase in the S&P 500 of 7.2%). Essentially, AIG shares now trade at our valuation range of $28 to $31 per share."

For more ratings news on AIG click here and for the rating history of AIG click here.

Shares of AIG closed at $31.17 yesterday.

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