Wells Fargo upgrades Allstate to Equal Weight, raises price target to $177

As previously reported, Wells Fargo analyst Elyse Greenspan upgraded Allstate (ALL) to Equal Weight from Underweight with a price target of $177, up from $142. The firm says that dealing with a potential recession, combined with potential lower interest rates, and the prospects for an extremely active wind season, it believes the best sectors within insurance include personal lines plus insurance brokers. Allstate is seeing results turn in auto and while Wells is more positive on Progressive (PGR), it believes the worst is in the rear-view mirror for Allstate.