Allstate price target lowered to $124 from $137 at Piper Sandler

Piper Sandler analyst Paul Newsome lowered the firm’s price target on Allstate to $124 from $137 and keeps an Overweight rating on the shares. The company reported a Q2 EPS miss that was driven by elevated catastrophe losses, the analyst tells investors. The results, however, were slightly better than expected, which was driven by a better underlying combined ratio. While the company continues to push price increases, the sequential improvement is not occurring as fast as Piper Sandler had hoped.