Allstate upgraded to Buy from Hold at Jefferies

Jefferies upgraded Allstate to Buy from Hold with a price target of $180, up from $130. The analyst expects the personal auto hard market to continue, reinsurance rates to flatten but remain robust, elevated liability loss trends and an increasingly likely soft landing to limit top line growth and further yield expansion. The firm is constructive on personal auto and Bermuda and less so on commercial and brokers. The rating change is part of Jefferies’ insurance 2024 outlook.