Allstate price target raised to $196 from $180 at Jefferies

Jefferies analyst Yaron Kinar raised the firm’s price target on Allstate to $196 from $180 and keeps a Buy rating on the shares. The firm increased its FY24, FY25 and FY26 EPS estimates by 5%, 7% and 6%, respectively, and is now 2%, 7% and 4% above consensus to reflect improved underlying profitability in auto. The firm believes that with the Q4 beat and increase in its FY24 earnings estimates, the company now has sufficient capital to achieve growth targets, the analyst added.