UPDATE: Keefe, Bruyette & Woods Downgrades The Allstate Corporation to Market Perform, Reiterates $70 PT on Valuation

In a report published Monday, Keefe, Bruyette & Woods analyst Meyer Shields downgraded the rating on The Allstate Corporation ALL from Outperform to Market Perform, but reiterated the $70.00 price target. In the report, Keefe, Bruyette & Woods noted, “We're downgrading the shares of Allstate to Market Perform from Outperform. At Friday's close, the shares are within 5% of our target price. Our outlook is unchanged, and all else equal, we would revisit our rating on a significant pullback in the share price.” The Allstate Corporation closed on Friday at $66.58.