Wells Fargo raised the firm’s price target on Allstate (ALL) to $186 from $175 and keeps an Equal Weight rating on the shares. The firm notes the stock traded down post earnings as strong print was shadowed by continued sequential PIF decline despite further increase in ad spend. Wells believes the stock could be stuck until they show signs of PIF growth, especially with growth seen at Progressive (PGR).
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- Allstate Corp Shows Strong Q3 Performance Amid Challenges
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