JPMorgan analyst Jimmy Bhullar says that while AIG's Q1 results exceeded expectations, they are not as strong as they appear at first glance. Results were lifted by a few unusual items, primarily high investment income, Bhullar tells investors in a post-earnings research note. Further, as in recent quarters, net earnings was considerably below operating earnings, primarily due to high realized investment losses, adds the analyst. He affirms a Neutral rating on AIG with a $52 price target citing a "lackluster outlook" for business fundamentals and concerns about downside risk to consensus earnings forecasts.