Downgrades: BYD, ASCA, PENN, AIG
Tuesday, September 8, 1:57 PM ET
This morning, Credit Suisse downgraded shares of AIG (AIG) from Neutral to Underperform. The firm believes the government does not wish to be a permanent shareholder, and the only way for AIG to repay the loans is through asset sales and IPOs. That being said, analysts at Credit Suisse are uncertain what will be left of the franchise value after the dust settles. With the downgrade, the firm also lowered its price target by 50% from $30 per share down to $15.
Shares of AIG were falling hard this morning, off almost eight and a half percent following the downgrade.
And JP Morgan and Goldman Sachs reported on a few regional casino operators this morning. Goldman lowered its rating on Penn National Gaming (PENN) and Ameristar Casinos (ASCA) from Buy to Neutral as it believes there is limited upside to earnings in the short term and better risk/reward scenarios exist in the hotel and slots sector. And JP Morgan downgraded Boyd Gaming (BYD) from Neutral to Underweight as well, lowering its price target from $10 per share down to $7.
Shares of Boyd Gaming were off the most this morning, down almost five percent, but shares of Ameristar Casinos were not far behind, down about four and a half percent. Penn National has held up the best, relative to the group, down only three and a half percent.
For MarketNewsVideo.com, I'm Angela Salvucci.
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