Raymond James analyst C. Gregory Peters raised the firm’s price target on Allstate to $220 from $205 and keeps a Strong Buy rating on the shares. The firm reduced its 2024 EPS to $13.65 from $14.70 to reflect potential catastrophe losses of $1.8B in 3Q24, compared with its previous estimate of $1.4B and trailing 3-year average of $1.1B, and its revised loss estimate implies September catastrophe losses of $950M vs. $575M previously, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ALL:
- Allstate exec sells $6.96M in common stock
- Allstate announces August estimated catastrophe losses $272M or $215M after tax
- Allstate Announces August 2024 Catastrophe Loss Estimates
- Allstate reports August estimated catastrophe losses of $272M vs. $542M in July
- Allstate initiated with an Underweight at Barclays
Questions or Comments about the article? Write to editor@tipranks.com