AIG Gets Another Smack Down
NEW YORK (
) --
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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