Value Investing Congress: AIG Worth 50% More... Or More
Oct 2nd 2012 2:58PM
The Value Investing Congress has many value fund managers and market pundits out with their respective stock tips this week. Glenn Tongue of T2 Partners talked up shares of American International Group Inc. (NYSE: AIG) as a great value stock.
He talked about the normalized earnings coming in at $5 to $6 per share ahead on a normalized earnings basis, and that led him to the belief that AIG could ultimately be worth $49 to $77 rather than its $33 or so price today. In short, this manager thinks that AIG could rise 50% or even more than 100% after things normalize.
This is not the first time that T2 has backed AIG as it was highlighted before. AIG also now has the government paid back and the remaining shares held are now effectively all profit for the U.S. taxpayers.
AIG shares are up 0.5% at $33.45 so far today against a 52-week range of $19.18 to $35.42 and its market cap is approaching $58 billion.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Banking & Finance, ETFs & Mutual Funds Tagged: AIG, featured