Allstate price target raised to $268 from $252 at Piper Sandler

Piper Sandler raised the firm’s price target on Allstate (ALL) to $268 from $252 and keeps an Overweight rating on the shares. The firm notes the company reported a beat versus Piper’s and consensus’ estimates driven by better-than-expected favorable development. Top line growth was lower than expected. Total company year-over-year PIF growth was lower than last quarter, but auto PIF growth accelerated, adds the firm.