Allstate: Piper Sandler maintains Overweight, PT raised to $22 from $20.

Allstate: Piper Sandler maintains Overweight, PT raised to $22 from $20.

Piper Sandler has adjusted its price target for Allstate (NYSE:ALL) to $22, an increase from the previous $20, while maintaining an Overweight rating on the stock [1]. The move comes amid positive developments and a robust financial performance reported by the company.

Allstate's first-quarter results demonstrated a strong recovery, with revenue reaching $2.5 billion, a 15% year-over-year increase. Despite the positive revenue growth, the company reported an operating loss of $250 million, which was narrower than the expected loss of $300 million. This indicates a gradual improvement in operational efficiency.

The company's management highlighted several growth catalysts, including a strong pipeline of new business, the expansion of its digital services, and strategic partnerships. These factors are expected to drive revenue growth in the coming quarters.

Piper Sandler's analyst noted that the stock appears undervalued at current levels, with the firm's confidence in this argument gradually increasing due to improved commercial progress. The research firm emphasized that sustained quarter-over-quarter revenue acceleration will be crucial for Allstate to achieve its fiscal year 2026 guidance targets.

Allstate's recent performance and strategic initiatives have been well-received by the market, with the stock price showing resilience despite the operating loss. Investors are closely monitoring the company's progress and are optimistic about its future prospects.

References:
[1] https://ca.investing.com/news/analyst-ratings/beyond-air-stock-price-target-slashed-by-piper-sandler-to-5-from-20-93CH-4155863