BofA analyst Joshua Shanker raised the firm’s price target on Allstate to $170 from $168 and keeps a Buy rating on the shares. The firm is making price target changes across its U.S. Insurance coverage to reflect events occurring during the quarter and various P/E multiple changes, stating that it does not expect Q4 to be an “outsized catastrophe quarter” for P&C companies and it sees life insurers seeming to have receive some reprieve from credit and commercial real estate concerns with the market pricing in expectations for several rate cuts in 2024.
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Read More on ALL:
- Allstate initiated with an Outperform at TD Cowen
- Allstate upgraded to Buy from Hold at Jefferies
- Allstate price target raised to $168 from $156 at Citi
- Early notable gainers among liquid option names on January 4th
- Allstate upgraded to Overweight from Equal Weight at Morgan Stanley
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