Allstate (ALL) PT Raised to $200 at CFRA

CFRA analyst Catherine Seifert raised the price target on Allstate (NYSE: ALL) to $200.00 (from $195.00) while maintaining a Hold rating.

The analyst comments "We raise our 12-month target price by $5 to $200, valuing ALL shares at 9.8x our newly initiated 2026 operating EPS estimate of $20.35 and at 11.4x our 2025 EPS estimate of $17.50 (lifted by $0.70), versus the one-year average forward multiple and the peer average of 12.8x. We keep our 2024 EPS estimate of $14.65, but raise our Q4 EPS estimate by $0.51, to $5.07. Q2 EPS of $1.61 versus a loss of $4.42 lagged our $2.12 EPS estimate, but topped the $0.36 consensus view on 12.4% revenue growth (versus our 7%-12% growth forecast) and a turnaround in underwriting results, evidenced by the Q2 combined ratio of 101.1% versus 117.6% on 21% lower catastrophes. More significant is the improvement in underlying results (excluding catastrophes) seen in the underlying combined ratio of 85.3% versus 92.9%. We applaud steps ALL has taken to drive this improvement and think this metric will provide the shares (currently trading at 10x our 2025 EPS estimate and a 22% discount to peers) with a catalyst to outperform."

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