Allstate price target lowered to $250 from $255 at Jefferies

Jefferies lowered the firm’s price target on Allstate (ALL) to $250 from $255 and keeps a Buy rating on the shares. The firm moderated its near-term policies in force growth estimates after reviewing rate filings but continues to see Allstate poised for modest multiple-re-rating on modest PIF growth driving premium gains, strong underwriting earning into results, and 20%+ ROE. As rate increases normalize, auto PIF growth should accelerate to 3%-4% year-over-year, the analyst tells investors in a research note.