Allstate price target lowered to $175 from $177 at Wells Fargo

Wells Fargo analyst Elyse Greenspan lowered the firm’s price target on Allstate to $175 from $177 and keeps an Equal Weight rating on the shares. The firm sees Allstate’s personal auto combined ratio returning towards the mid-90s target soon given the large rate hikes they have taken and the company is ramping up advertising as it returns to growth in profitable states. Wells added that sees the better profitability profile as being balanced by the company having a weaker capital position and other peers being further ahead in terms of showing growth/taking market share.