Allstate price target lowered to $136 from $149 at BofA

BofA analyst Joshua Shanker lowered the firm’s price target on Allstate to $136 from $149 and keeps a Buy rating on the shares after Allstate previewed $893M in May pre-tax catastrophe losses. The 24% trailing three-month catastrophe loss ratio is the company’s highest since April-June 2011, notes the firm, which is interpolating May catastrophes into its forecast and “materially” reducing its Q2 forecast as it increases its Q2 catastrophe “load” to $2.1B from $1.5B.