10:55 AM EDT, 05/16/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price on the shares (currently yielding 2%) by $3 to $90, valuing them at 12.2x our 2024 operating EPS estimate of $7.35 and at 10.9x our 2025 EPS estimate of $8.22. This morning, AIG announced plans to sell 20% of its holdings in Corebridge Financial, Inc. (CRBG 34 NR), its former life and retirement unit, to Nippon Life, for $31.47 a share ($3.8B) in a transaction set to close in the first quarter of 2025. We applaud this transaction, as it furthers AIG's restructuring aimed at shifting its business mix to one that is property-casualty centered. At year-end 2023, AIG owned 52.2% of Corebridge; while this sale goes a long way in achieving AIG's goal of reducing its Corebridge holdings to around 10%, we expect additional transactions to emerge. At current levels, the shares trade at 9.7x our 2025 EPS estimate and are undervalued, in our view, with restructuring as a catalyst to close AIG's valuation gap to the property-casualty peer group forward multiple of around 14x.