Allstate price target raised to $153 from $147 at Piper Sandler

Piper Sandler analyst Paul Newsome raised the firm’s price target on Allstate to $153 from $147 and keeps an Overweight rating on the shares. The analyst estimates Q4 book values for the property-casualty insurers will increase by 5.6%. The rise can be attributed to the 1.9% increase in the bond market as well as a 4.4% increase in the equity market, following the challenging third quarter, Newsome tells investors in a research note.