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Allstate Downgraded to “Sell” at Goldman Sachs (ALL)

Insurance provider The Allstate Corporation ( ALL ) on Wednesday caught a major downgrade from analysts at Goldman Sachs.

The firm said it cut its rating on ALL from "Neutral" to "Sell" while reducing its price target from $31 to $28. That new target suggests a small upside to the stock's Tuesday closing price of $27.64.

Goldman noted the firm prefers commercial insurance carriers that have opportunities to benefit from better property catastrophe pricing.

Allstate shares fell 35 cents, or -1.3%, in premarket trading Wednesday.

The Bottom Line

Shares of Allstate ( ALL ) have a 3.04% dividend yield, based on last night's closing stock price of $27.64. The stock has technical support in the $23-$26 price area. If the shares can firm up, we see overhead resistance around the $29-$31 price levels.

The Allstate Corporation ( ALL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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