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Citi downgrades Allstate, says inflation might end in better claims costs



The rising costs for autos and homes ought to carry Allstate‘s stock from persevering with its sturdy start to the 12 months, according to Citi.

Shares of Allstate have gained roughly 25% 12 months thus far, reclaiming their pre-pandemic ranges and pushing to the company’s market cap to $41 billion.

Analyst Suneet Kamath downgraded the insurance coverage protection stock to neutral from buy, saying in a phrase to purchasers on Wednesday night time time that better claims costs might take a chew out of the company’s earnings.

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