Market Overview

UPDATE: Drexel Hamilton Initiates The Allstate Corporation with Hold, $37 PT

Related ALL
Marchex, Inc. Loses Third-Largest Customer, Cuts FY14 Outlook
Allstate Corporation Investors Have Been In Good Hands; Will It Continue?

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.

Latest Ratings for ALL

DateFirmActionFromTo
Aug 2014Compass PointInitiates Coverage onNeutral
Aug 2014Deutsche BankMaintainsHold
Aug 2014Keefe Bruyette & WoodsMaintainsBuy

View More Analyst Ratings for ALL
View the Latest Analyst Ratings

Posted-In: Drexel HamiltonAnalyst Color Price Target Initiation Pre-Market Outlook Analyst Ratings

 

Related Articles (ALL)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters