NEW YORK (
American International Group
is being beaten down this week.
The flailing insurer was once again downgraded, this time by Wells Fargo, to underperform, according to a
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
from neutral, and its price target was halved to $15 from $30.
-- Reported by Jeanine Poggi in New York.
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.