Allstate price target raised to $216 from $202 at Wells Fargo

Wells Fargo raised the firm’s price target on Allstate (ALL) to $216 from $202 and keeps an Equal Weight rating on the shares. The firm notes shares traded up on strong margin and bottom-line quarter and optimism on retention / growth improving, as they are broadly rate adequate across their auto book. Wells believes this was somewhat counterbalanced by the company not leaning into buyback.