Citi analyst Michael Ward raised the firm’s price target on Allstate to $156 from $135 and keeps a Buy rating on the shares after the company disclosed September catastrophes and Q3 reserve development. The firm raised its Q3 earnings per share estimate to 43c from 41c, reflecting less unfavorable reserve development. It cites improving auto insurance margin dynamics and sentiment, potential upside from activism, and greater confidence in Allstate Brand Auto reserves for the target increase.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ALL:
- Allstate September homeowners insurance written premium up 12.4% YoY
- Allstate price target raised to $144 from $136 at BofA
- Early notable gainers among liquid option names on October 17th
- Allstate Stock (NYSE:ALL) Rises; Activist Investor Trian Fund Builds Stake
- Activist Trian targets insurer Allstate, Reuters reports