Deutsche Bank Downgrades American International Group (AIG) to Sell

Deutsche Bank downgraded American International Group (NYSE: AIG) from Hold to Sell with a price target of $57.00 (from $61.00), saying they believe the resignation of Peter Hancock is a negative catalyst

Analyst Joshua Shanker commented, "We are downgrading shares of AIG to Sell. We believe the lack of a known successor indicates indecision from the Board regarding strategic direction and the lack of a Plan B for an outcome must have been considered since allowing activists onto the Board a year ago. A new CEO brings with it the risk of a reset to a low ROE and incremental reserve charges. While we expect earnings could be better in 1H17 than 4Q16, investors may wait for a new leader to corroborate the trends. Downside from the current price to our target price informs our recommendation.":

For an analyst ratings summary and ratings history on American International Group click here. For more ratings news on American International Group click here.

Shares of American International Group closed at $63.08 yesterday.

You May Also Be Interested In

• Trend Micro Incorporated (4704:JP) (TMICY) PT Lowered to JPY5,900 at Goldman Sachs
• Intchains Group Ltd (ICG) PT Lowered to $2 at Benchmark Following 1H Results
• UBS Upgrades Apollo Tyres (APTY:IN) to Buy