JPMorgan analyst Jimmy Bhullar says AIG's "sizable earnings miss" in Q4 affirms his cautious fundamental outlook for the company. He adds that while the valuation "seems enticing," his unchanged Neutral rating reflects concerns about AIG's earnings power, potential adverse reserve development, and expected reductions in Street earnings estimates. The stock has pulled back sharply over the past year, but is down less than the drop in estimates, Bhullar tells investors in a post-earnings research note titled "There Goes the Other Shoe, Life & Retirement; Valuation Depressed, but Fundamental View Cautious." He lowered his price target for the AIG to $52 from $54.