Morgan Stanley lowered the firm’s price target on AIG to $80 from $82 and keeps an Equal Weight rating on the shares. On average for the P&C Insurance group, the firm’s Q2 and 2024 EPS estimates decreased 10.6% and 2.2%, respectively, from prior estimates due to higher catastrophe estimates. The firm notes it is also moving down its estimates for reinsurers to better reflect potential losses due to larger catastrophe events. For brokers, the firm moved down its estimates due to higher expenses and the focus on achieving margin expansion.
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Read More on AIG:
- AIG price target lowered to $78 from $81 at Evercore ISI
- AIG to sell global individual personal travel insurance unit to Zurich for $600M
- AIG Completes Corebridge IPO and Adjusts Financial Reporting
- AIG call volume above normal and directionally bullish
- AIG price target raised to $84 from $82 at BofA
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