In a report published Monday, Deutsche Bank analyst Joshua Shanker downgraded Allstate ALL from Buy to Hold, and lowered the price target from $58.00 to $57.00.
In the report, Deutsche Bank noted, “Consensus estimates for run-rate earnings power at Allstate are now around $5+ per share accurately reflected Allstate's earnings power in the current interest rate environment. Further, valuation of Allstate stock has closed the gap with its large cap P&C peers. We continue to believe that Allstate is likely to outperform those commercial P&C peers, but further upside will rest heavily on macro trends and multiple expansion rather than fundamental execution. Our Hold rating reflects upside in the stock, but not enough to begin building a new position in the name.”
Allstate closed on Friday at $52.15.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.