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.
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