Allstate (ALL – Research Report), the Financial sector company, was revisited by a Wall Street analyst yesterday. Analyst Bob Huang from Morgan Stanley maintained a Buy rating on the stock and has a $229.00 price target.
Bob Huang has given his Buy rating due to a combination of factors, primarily focusing on the positive developments in Allstate’s auto insurance policies in force (PIF). The reported increase of approximately 59,000 auto insurance PIFs in February marks a significant positive shift, which is expected to act as a catalyst for the stock’s performance.
Additionally, when compared to its competitor Progressive, whose PIF numbers were lower than anticipated, Allstate’s improvements stand out as a relative advantage. This development supports the view that Allstate is on a path towards profitable growth, reinforcing the belief that the company is well-positioned for success in 2025.
In another report released yesterday, KBW also maintained a Buy rating on the stock with a $240.00 price target.
ALL’s price has also changed moderately for the past six months – from $191.000 to $210.180, which is a 10.04% increase.