Piper Sandler Remains a Buy on American International Group (AIG)

By Austin Angelo

In a report released today, Nicole Miller Regan from Piper Sandler maintained a Buy rating on American International Group (AIGResearch Report), with a price target of $29.00. The company’s shares closed last Monday at $21.94, close to its 52-week low of $16.07.

According to TipRanks.com, Regan is a 2-star analyst with an average return of -0.8% and a 51.0% success rate. Regan covers the Services sector, focusing on stocks such as Restaurant Brands International, Dave & Busters Entertainment, and The ONE Group Hospitality.

Currently, the analyst consensus on American International Group is a Moderate Buy with an average price target of $49.86, implying a 127.2% upside from current levels. In a report issued on April 1, Wells Fargo also maintained a Buy rating on the stock with a $38.00 price target.

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Based on American International Group’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $11.83 billion and net profit of $929 million. In comparison, last year the company earned revenue of $12.58 billion and had a GAAP net loss of $622 million.

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American International Group, Inc. engages in the provision of a range of property casualty insurance, life insurance, retirement products, and other financial services to commercial and individual customers. It operates through the following segments: General Insurance, Life and Retirement, Other Operations, and Legacy Portfolio. The General Insurance segment consists of insurance businesses in North America and International business areas. The Life and Retirement segment includes Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets. The Other Operations segment covers income from assets held by the company and other corporate subsidiaries. The Legacy Portfolio segment consists of run-off insurance lines and legacy investments. The company was founded by Cornelius Vander Starr in 1919 and is headquartered in New York, NY.