On July 18, Allstate rose 3.04% in regular trading, trading at $249.06/share, with turnover of $261 million. The rally was driven by a wave of investment bank price target upgrades over the past week, coupled with broad-based strength across the property and casualty insurance sector.
On the news front, Roth Capital raised its price target on Allstate to $275 from $240 while maintaining a Buy rating. Earlier in the week, BofA Securities lifted its target to $319 from $295, JPMorgan raised to $282 from $263, and Jefferies adjusted to $282 from $250. The current consensus mean price target stands at approximately $256, reflecting an overall bullish stance. The upgrades come after Allstate posted Q1 adjusted EPS of $10.65, beating the $7.29 consensus estimate by over 46%.
Within the Property & Casualty Insurance sector, the overall group traded higher. Among individual stocks, Travelers rose 8.37%, American International Group gained 2.65%, Hartford Insurance climbed 2.60%, Chubb advanced 2.32%, and Progressive added 1.08%, reflecting sector-wide momentum lifting individual names.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments