Allstate price target raised to $205 from $191 at BMO Capital

BMO Capital analyst Michael Zaremski raised the firm’s price target on Allstate to $205 from $191 and keeps an Outperform rating on the shares after its Q2 earnings beat. The quarter makes the firm more confident in its ability to more accurately project Allstate’s organic growth levels, which it now foresees outpacing consensus expectations, the analyst tells investors in a research note. Allstate’s past 5 year “transformation” means it can now start playing customer acquisition offense by spending the expense ratio improvement budget it’s worked hard to build, BMO added.