Share price falls on advice not to own AIG stock
Bernstein Research downgraded AIG to "underperform" from "market perform", and said there is no reason for shareholders to continue owning the stock, Reuters reports
AIG shares fell as much as 21% to $36.02 and was the biggest percentage loser on the S&P 500 index .
"AIG's current stock price gives virtually no weight to the possibility that the common equity is worth zero," analyst Todd Bault said.
Political risk
The analyst has a price target of $10 on AIG's stock. Monday closing price was $45.33.
Political risk remains a problem with concerns that the government will reduce support once AIG is no longer deemed a systemic risk.
AIG shares were trading down $7.83 at $37.50 on the New York Stock Exchange. They rose to a high of $55.9 last Friday.
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