UPDATE: Drexel Hamilton Initiates The Allstate Corporation with Hold, $37 PT
Drexel Hamilton initiates its coverage on The Allstate Corporation (NYSE: ALL) with a Hold rating and a price target of $37 a share.
Drexel Hamilton notes, "Allstate sells at 85% of book value and at less than 10x next year's projected earnings, with a dividend yield of 2.7%. We project $4.12 in operating EPS for 2012, assuming moderate CAT loss experience as compared to large CAT losses in 2011; we further estimate operating EPS of $4.27 for 2013. Our target price is $37, based on assumed 85% multiple of projected 2013 book value of $43.62. We are initiating with a Hold rating, with the stock trading close to its recent high."
ALL closed at $$33.14 on Tuesday.
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