Embattled insurance giant American International Group, Inc. (AIG) caught a big downgrade on Tuesday from analysts at Credit Suisse.
The analyst cut its rating on AIG to ''Underperform'' from ''Neutral'' and slashed its price target on the stock to $15 from $30. AIG shares had closed at $40.05 on Friday.
Suisse also set its 2009 and 2010 EPS estimates -$13.98 and $5.70, respectively.
AIG shares fell $3.40, or -8.4%, in morning trading Tuesday.
The Bottom Line
Shares of AIG are way off 52-week split-adjusted highs of $455 a share. The stock has near-term technical support in the $28-$32 price area. if the shares can firm up, we see near-term overhead resistance around the $50-$56 price levels. We do not currently rate this former dividend-paying stock, but we do follow the company closely.
American International Group, Inc. (AIG) does not currently pay a dividend.
