Goldman Sachs Downgrades Allstate (ALL) to Neutral

Goldman Sachs analyst Alex Scott downgraded Allstate (NYSE: ALL) from Buy to Neutral, PT $231.00 (from $239.00).

The analyst comments "We downgrade ALL shares to Neutral from Buy while decreasing our 12 month price target by $7 (-3%) to $231, implying a 10.1% total return opportunity. Our downgrade stems from a group of concerns building around ALL's market positioning with respect to policy distribution and autonomous vehicles (both AI related), affordability, and premium growth, in addition to ALL screening more fairly valued on normalized earnings. Given the aforementioned factors we are less confident investors will be willing to give ALL credit for the stronger than VA Cons PIF growth that supported our prior Buy thesis. Additionally, we have incremental concerns regarding the material non-standard auto policy growth in recent periods, which we think may place increased risks on policy retention and margins."

For an analyst ratings summary and ratings history on Allstate click here. For more ratings news on Allstate click here.

Shares of Allstate closed at $214.18 yesterday.

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