J.P. Morgan analyst Jimmy Bhullar maintains $Allstate (ALL.US)$ with a buy rating, and adjusts the target price from $205 to $207.
According to TipRanks data, the analyst has a success rate of 57.5% and a total average return of 6.8% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Allstate (ALL.US)$'s main analysts recently are as follows:
In view of a quarter marked by numerous global catastrophe events, it is anticipated that third-quarter catastrophe losses will be within manageable levels for property and casualty insurers. Projections for the fourth quarter incorporate provisional losses attributed to Hurricane Milton, though there is still uncertainty following its recent landfall. Adjustments in the sector are influenced by occurrences throughout the quarter and variations in P/E multiples.
The fundamental outlook for the property and casualty sector remains positive looking into the third-quarter reports. Analysts express caution, however, noting that optimistic expectations, bullish sentiment, and valuations moderate their views on stocks. Notably, continued robust pricing and the sector's defensive risk profile stand out as favorable factors. Nonetheless, there is a belief that expectations surrounding underwriters' margins and brokers' sales growth are somewhat ambitious.
Property & Casualty insurance stocks performed well in the third quarter due to a milder natural catastrophe season and market positioning, which led to new highs for stocks in this sector. Despite the changes in dynamics brought on by Hurricane Helene and Hurricane Milton, there is still an expectation for satisfactory third-quarter results across the underwriters.
Note:
TipRanks, an independent third party, provides analysis data from financial analysts and calculates the Average Returns and Success Rates of the analysts' recommendations. The information presented is not an investment recommendation and is intended for informational purposes only.
Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.