KBW Has UnderPerform On AIG Following Earnings (AIG)

KBW has an Underperform rating and a $23 price target on shares of AIG AIG following earnings. In a note to investors, KBW writes, "1Q11 included many items one-time in nature including the major catastrophe losses but offset by strong investment results including partnership income, Maiden Lane 2&3, CDS swap gains and the AIGFP run-off. We also saw underlying earnings strength at SunAmerica and a better unallocated expense line so we are raising our EPS estimates and price target, but remain Underperform." Shares of AIG closed at $30.79 yesterday.