BMO Capital raised the firm’s price target on Allstate to $140 from $125 and keeps a Market Perform rating on the shares. The analyst states that the firm’s higher 2024 estimate is driven primarily by a lower and better Auto underlying loss ratio, as Allstate’s implemented rate increases are set to exceed 20% for the fourth quarter and run near high-teens levels on a trailing 12-month basis in the early part of 2024. BMO is raising its FY23 EPS view for Allstate to (71c) from ($1.65).
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