TD Cowen downgraded Allstate (ALL) to Hold from Buy with a price target of $231, up from $224. The company’s competition has heightened for personal auto policy-in-force, the analyst tells investors in a research note. Meanwhile, TD says Allstate’s exclusive agent count decline is an added pressure. It believes retention across the company’s book likely continues declining as non-standard auto continues to grow. It cites growth headwinds and contracting margins for the downgrade.
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