Should Investors Be Buying Allstate (NYSE:ALL) Stock Following Today’s Citigroup Upgrade?

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Allstate (NYSE:ALL) Stock Upgrade

In an interesting research report issued to clients and investors on Tuesday, 1 December, research analysts at the Citigroup equity division lifted shares of Allstate (NYSE:ALL) stock from a “Sell” to a respectable “Neutral” rating.

From a total of 21 analysts covering The Allstate Corporation (NYSE:ALL) stock, 15 rate it a ”Buy”, 2 a “Sell”, and 10 a ”Hold”. This means that 56% of the ratings are positive. The highest target price is $80 while the lowest target price is $58. The mean of all analyst targets is $69.43 with a 8.13% above today’s ($63.7) stock price. The Allstate Corporation was the topic of 13 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Credit Suisse maintained shares on November 3 with “Outperform” rating. Sandler O’Neill upgraded ALL stock in a recent report from September 21 to “Buy” rating. Finally, Compass Point maintained the stock with “Neutral” rating in a report issued on an August 5.

Approximately 706,827 shares of stock traded hands. Allstate Corp (NYSE:ALL) has declined 11.22% since April 28, 2015 and is downtrending. It has underperformed by 9.59% the S&P500.

The Allstate Corporation is a holding firm for Allstate Insurance Company. The company has a market cap of $24.70 billion. The Firm and its subsidiaries, including Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries are engaged in the property-liability insurance and life insurance business. It has 11.13 P/E ratio. It offers its products in the United States and Canada.

According to Zacks Investment Research, “Allstate Corporation’s business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and their subsidiaries. Allstate is engaged, principally in the United States and Canada, in the personal property and casualty insurance business and the life insurance and savings business. Allstate has four business segments: personal property and casualty; life and savings; discontinued lines and coverages; and corporate and other business.” Get a free copy of the Zacks research report on Allstate Corp (ALL)

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