HSBC last night upgraded Allstate to Buy from Hold with a price target of $190, up from $158. The analyst says rate increases continue to compound across personal auto and homeowners insurance in the U.S. Decelerating inflationary trends put U.S. personal lines insurers “in a sweet spot,” the analyst tells investors in a research note. The firm says rating actions do not look fully reflected in Allstate’s valuation.
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