Allstate (ALL – Research Report), the Financial sector company, was revisited by a Wall Street analyst today. Analyst Elyse Greenspan from Wells Fargo maintained the rating on the stock to a Sell and gave it a $100.00 price target.
Elyse Greenspan has given her Sell rating due to a variety of factors. Firstly, she noted the recent involvement of activist hedge fund Trian in Allstate. In her view, this could lead to significant changes in the company, particularly in terms of its Benefits business. She suggests that Trian may push Allstate to monetize this aspect of their operations, which could potentially impact the firm’s capital position.
Furthermore, Greenspan appears to be concerned about the potential implications this could have for the overall stability and future prospects of the company. From her perspective, the potential for significant structural changes within Allstate, driven by the involvement of Trian, may introduce a level of risk and uncertainty that investors should be cautious of. Therefore, she has recommended a Sell rating for Allstate’s stock.
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Allstate (ALL) Company Description:
The Allstate Corporation is an insurance company which offers property & casualty (P&C), and other insurance products in the United States and Canada. The company is the third-largest P&C insurer and the largest publicly-held personal lines carrier in the United States. It also provides a range of life insurance and investment products.
Read More on ALL:
- Early notable gainers among liquid option names on October 17th
- Allstate Stock (NYSE:ALL) Rises; Activist Investor Trian Fund Builds Stake
- Activist Trian targets insurer Allstate, Reuters reports
- Early notable gainers among liquid option names on October 13th
- Allstate price target raised to $119 from $117 at Jefferies
