Nomura Boosts Target on Allstate (ALL) Following Q2 Earnings

Nomura Securities reiterated a Neutral rating and raised its price target on Allstate (NYSE: ALL) from $52 to $54 following solid Q2 results.

Analyst Clifford Gallant comments, "For a big company like Allstate, successful execution of corporate plans can be challenging, but lately ALL appears to be on a hitting streak – the sale of Lincoln, pension restructuring, buy-backs and improving growth metrics to name a few. Reflecting the improving ROE outlook, we are raising our target price to $54 from $52, approximately 1.2x 12-month forward book. The shares have done deservedly well and we see further upside, but we also believe that the shares are nearing an appropriate valuation and our rating remains Neutral. In regard to EPS estimates, we assume aggressive use of cash into share repurchases will result in an EPS-neutral Lincoln sale in 2014."

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 $50.98 yesterday.

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