Roth Capital analyst Harry Fong raised the firm’s price target on Allstate (ALL) to $240 from $230 and keeps a Buy rating on the shares. The company’s “significant earnings beat” was chiefly due to much better underlying results and favorable loss reserve development in personal auto injury and physical damage coverages, while its personal auto policies-in-force increased 1.3%, which was previously disclosed, the analyst tells investors in a research note.
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