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Citigroup Downgrades Allstate to “Hold,” but Still Sees 20% Upside (ALL)

Insurance giant The Allstate Corporation ( ALL ) on Friday saw its rating and price target cut by analysts at Citigroup.

The firm said it downgraded ALL from "Buy" to "Hold" and cut its price target by $1 to $36. That new target still implies a 20% upside to the stock's Thursday closing price of $30.91.

Last month, ALL warned investors that April catastrophe losses could total a record $1.4 billion , driven by damages in the U.S. and Canada stemming from high tornado activity.

Allstate shares fell 80 cents, or -2.6%, in premarket trading Friday.

The Bottom Line

Shares of Allstate ( ALL ) have a 2.72% dividend yield, based on last night's closing stock price of $30.91. The stock has technical support in the $28 price area. If the shares can firm up, we see overhead resistance around the $33-$34 price levels.

The Allstate Corporation ( ALL ) is not recommended at this time, holding a Dividend.com 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 .

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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