Citi analyst Michael Ward lowered the firm’s price target on Allstate to $150 from $160 and keeps a Buy rating on the shares. He is reducing his Q4, 2023 and 2024 EPS estimates after the company pre-announced Q4 adjusted losses of $335M-$385M due to personal auto current year reserve catch ups, worse underlying personal auto results, higher catastrophe losses related to the late December winter storms and unfavorable reserve development in personal lines and commercial auto.
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