BofA Securities analyst Joshua Shanker maintains $Allstate (ALL.US)$ with a buy rating, and adjusts the target price from $226 to $216.
According to TipRanks data, the analyst has a success rate of 64.4% and a total average return of 11.3% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Allstate (ALL.US)$'s main analysts recently are as follows:
It's anticipated that the third quarter's global catastrophe events will result in 'manageable' catastrophe losses for property and casualty insurers. Insurers are expected to incorporate 'placeholder' losses for Hurricane Milton in their fourth-quarter models, although the full impact remains uncertain following the storm's recent landfall. The changes in the sector's expectations reflect the events of the past quarter and adjustments in various price-to-earnings multiples.
The fundamental outlook for the property and casualty sector is viewed positively heading into the third-quarter reports. However, this optimism is tempered by existing bullish sentiment and stock valuations. Key advantages include firm pricing and a defensive risk profile for the sector, but there is a sense that expectations for underwriters' margins and brokers' sales growth are on the higher side.
Property & Casualty insurance stocks performed well in the third quarter, benefiting from a milder natural catastrophe season and market positioning, which propelled stocks to new highs. Despite the market dynamic shifting due to Hurricane Helene and Hurricane Milton, it is anticipated that underwriters will report satisfactory results for the third quarter of 2024.
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