Allstate price target raised to $285 from $263 at BofA

BofA raised the firm’s price target on Allstate (ALL) to $285 from $263 and keeps a Buy rating on the shares. Following a meeting with management, the firm says its positive view remains unchanged and it continues to believe that underwriting margins will continue to expand. The price of Allstate shares trade at a discount to fair, intrinsic value, argues the analyst, who remains “comfortably confident” in the firm’s recent prediction that Allstate’s net policycount growth will inflect positive in the first half of 2025.