Cohen said that "we see AIG as a classic value idea given a sizeable discounted valuation relative to peers, low expectations and sentiment on the shares that we would describe as quite cautious," and added that "a focused management team, greatly improved risk management, a global P/C platform and a diversified earnings stream provide the fuel for potential gains."
AIG's shares closed at $35.20 Thursday, returning 52% year-to-date. The shares trade for 10 times the consensus 2013 EPS estimate of $3.49.
The shares were down 5% in early trading, to $33.43.
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