MKM Cuts EPS Estimates on Allstate (ALL) as Hurricane Loss Looms
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Price: $47.05 -1.3%
Rating Summary:
11 Buy, 11 Hold, 1 Sell
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Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
11 Buy, 11 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
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Analysts at MKM Partners reduced Q4 estimates on insurer Allstate (NYSE: ALL) to account for an losses of $1.08 billion this past October as a result of catastrophes. Losses stem from five events, the most notable is Hurricane Sandy.
"Our new fourth quarter estimate assumes catastrophe losses of $1.24 billion that include roughly $160 million of catastrophe losses for November and December," said analyst Harry Fong.
Despite the revisions, MKM maintained a Buy rating on Allstate (NYSE: ALL) with a price target of $50.00. The Buy rating is tied to the "homeowners' improvement story" which continues to play out, in the view of analysts.
MKM now expects Allstate to report Q4 EPS of $(0.30).
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 $40.42 yesterday, with a 52 week range of $25.01-$42.81.
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"Our new fourth quarter estimate assumes catastrophe losses of $1.24 billion that include roughly $160 million of catastrophe losses for November and December," said analyst Harry Fong.
Despite the revisions, MKM maintained a Buy rating on Allstate (NYSE: ALL) with a price target of $50.00. The Buy rating is tied to the "homeowners' improvement story" which continues to play out, in the view of analysts.
MKM now expects Allstate to report Q4 EPS of $(0.30).
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 $40.42 yesterday, with a 52 week range of $25.01-$42.81.
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