Goldman Sachs Upgrades Allstate to “Buy” (ALL)

Early on Monday, analysts at Goldman Sachs upgraded insurance company The Allstate Corporation (ALL) due to its current discounted valuation.

The analysts upgraded ALL from “Neutral” to “Buy” with a price target of $58, up from $50. This target suggests a 20% upside to Friday’s closing price of $48.22

“Allstate trades at a discount to its historical valuation and its valuation is still below similar peers, despite a higher expected ROE, which we expect to continue to move higher despite low interest rates,” a Goldman Sachs analysts commented. “Compared to a difficult post-crisis period driven by the company’s more levered Life business and a more recent difficult period driven by elevated losses in the company’s homeowners book, ALL has made strides today to improve its risk profile.”

Allstate shares were inactive during pre-market trading on Monday. The stock is up +48.32% over the past year.

The Bottom Line
Shares of Allstate (ALL) have a dividend yield of 2.07% based on Friday’s closing price of $48.22 and the company’s annualized dividend payout of $1.00 per share.

The Allstate Corporation (ALL) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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