AIG Gets Another Smack Down

AIG is downgraded for the second time this week.
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NEW YORK (

TheStreet

) --

American International Group

(AIG) - Get Report

is being beaten down this week.

The flailing insurer was once again downgraded, this time by Wells Fargo, to underperform, according to a

Reuters

report.

Analyst John Hall said AIG has practically no book value and shares are overpriced.

Shares of the company soared over 250% in August

, a move derided by many as pure speculation. But this week shares tumbled about 5.5% to end the day Thursday at $37.85. The stock recently was trading down fractionally.

Hall cut his valuation range to between $10 and $20, from prior view between $21 and $29.

Earlier this week

Credit Suisse also downgraded the company to underperform

from neutral, and its price target was halved to $15 from $30.

-- Reported by Jeanine Poggi in New York.

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