Allstate price target lowered to $137 from $141 at Piper Sandler

Piper Sandler analyst Paul Newsome lowered the firm’s price target on Allstate to $137 from $141 and keeps an Overweight rating on the shares. The Q2 reports are going to be a mixed quarter for many insurers, the analyst tells investors in a research note. The sector needs to get through what may be a number of earnings pre-announcements before the stocks can recover and reflect the “fairly good intermediate-term prospects for the companies,” says the firm.