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Citigroup Analysis Lowers AIG Earnings Expectation

A bank analyst has lowered his second-quarter earnings estimate for American International Group based on credit market deterioration and expected accelerated recognition of credit default swap (CDS)

By Phil Gusman | Updated on July 18, 2008

A bank analyst has lowered his second-quarter earnings estimate for American International Group based on credit market deterioration and expected accelerated recognition of credit default swap (CDS) losses by the company’s new management.

Joshua Shanker with Citigroup, in a multicompany analysis released yesterday, revised his AIG estimate to 50 cents per share for the second quarter compared to a previous estimate of $2.18 per share. For the fiscal year, Mr. Shanker’s estimate drops from $2.94 per share to $1.29 per share.

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