BMO Capital analyst Michael Zaremski lowered the firm’s price target on Allstate to $120 from $130 and keeps a Market Perform rating on the shares. Auto insurance profits in the company’s three larger states – California, New York, and New Jersey – are especially poor, partly due to regulatory processes in those states requiring more lead-time for implementation of auto insurers’ pricing increase requests, the analyst tells investors in a research note. The firm contends that the profitability improvement trajectory for Allstate will be less steep than current consensus estimates.
Published first on TheFly
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- Allstate price target lowered to $132 from $138 at Evercore ISI
- Allstate sees February catastrophe losses $211M, or $167M after-tax
- Allstate raises quarterly dividend 4.7% to 89c per share
- Allstate estimates of January catastrophe losses $307M
- Allstate price target lowered to $138 from $144 at Evercore ISI
