Allstate price target lowered to $138 from $143 at BofA

BofA analyst Joshua Shanker lowered the firm’s price target on Allstate to $138 from $143 and keeps a Buy rating on the shares. Allstate’s Q2 losses beat the firm’s $4.72 per share loss forecast, but missed consensus after high catastrophe losses and a preview into loss reserve development had been pre-released. The firm’s new $138 price objective is based upon the longer-term average of parity with the large-cap underwriter peer group on 2025 EPS as group underperformance has pushed down the valuation multiple in the past month, the analyst noted.