FBR Capital Maintains an 'Outperform' on Allstate (ALL); Lowering Estimates for 2Q11 QTD Catastrophe Losses

FBR Capital maintains an 'Outperform' on Allstate (NYSE: ALL), PT cut by $1 to $40.

FBR analyst says, "In light of the $2.0B of Allstate's preannounced quarter-to-date catastrophe loss estimates, we are lowering our 2Q11 and 2011 earnings estimates and decreasing our price target. In particular, we are lowering our 2Q11 operating EPS estimate to ($1.25) from $0.73 and cutting our 2011 EPS estimate to $1.30 from $3.30. We are not lowering estimates by the entire $2.0B, as we already assumed some catastrophe losses in our previous forecasts. Our 2012 estimates remain the same. We maintain our rating, as we believe that management is proactively taking measures to improve returns and to reduce earnings volatility."

For more ratings news on Allstate click here and for the rating history of Allstate click here.

Shares of Allstate closed at $29.55 yesterday.

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