MKM Cuts EPS Estimates on Allstate (ALL) as Hurricane Loss Looms

November 28, 2012 1:13 PM EST Send to a Friend
Get Alerts ALL Hot Sheet
Price: $60.85 +0.35%

Rating Summary:
    12 Buy, 14 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
Trade ALL Now!
Join SI Premium – FREE
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.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View

Add Your Comment