Allstate price target raised to $147 from $145 at BofA

BofA analyst Joshua Shanker raised the firm’s price target on Allstate to $147 from $145 and keeps a Buy rating on the shares after the company disclosed $1.26B in March catastrophe losses, compared with the firm’s forecast of $340M, but did not concurrently make an earnings pre-announcement. Excluding the catastrophe losses, the firm believes this outcome "presages the ‘clean’ quarter that has evaded Allstate since 3Q21," the analyst tells investors.