Evercore ISI lowered the firm’s price target on Allstate (ALL) to $132 from $138 and keeps an In Line rating on the shares after conducting a "deep dive" of its statutory filings. The firm is lowering its EPS estimates for 2023 and 2024 to reflect lower share repurchases and moderately worse auto loss ratios, which is largely due to elevated severity and lower levels of rate increases in January and February. While capital is currently tight, a decent amount of this concern is already reflected in the company’s share price, Evercore ISI argues. The firm prefers Progressive (PGR) due to their similar upside potential, but is closely watching Allstate.
Published first on TheFly
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Read More on ALL:
- 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
- Allstate reports Q4 adjusted EPS ($1.36), consensus ($1.36)
