Wells Fargo Cuts The Allstate (ALL) Price Target to $236

Wells Fargo has raised its rating on Allstate Corporation to Equal-Weight with a target of $236, a 3.06% downside from the current price.

By TradeTexts Research Desk · Published Oct 16, 2026, 2:06 PM EDT

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Wells Fargo cut its price target on The Allstate Corporation ($ALL) to $236 from $250 on October 12, 2026, and rates the stock "Equal-Weight".

Since the rating, $ALL is up 6.6% to date (from the $232.60 close on Oct 12, 2026).

ALL The Allstate Corporation

$247.88 +23.38% year to date

Daily close · Oct 16, 2026

Key Points

Wells Fargo upgraded Allstate's rating to Equal-Weight, raising the price target from $250 to $236 on October 12, 2026.
Wells Fargo's $236 price target implies 3.06% downside from The Allstate Corporation's ($ALL) current $243.45 share price.
The stock recently traded around $243.45, which is about 3.2% above the new target price.
Allstate's next earnings report is scheduled for November 4, 2026, following a year of 11.8% revenue growth.

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Wells Fargo has upgraded its rating on The Allstate Corporation (NYSE: ALL) to Equal-Weight, with a new price target of $236. This change comes after adjusting the target down from $250 on October 12, 2026.

The stock is currently trading at approximately $243.45, which is about 3.2% above the new target price. This positioning suggests that the market expects the stock to perform in line with its peers in the financial services sector, particularly in property and casualty insurance.

Other Institutional Activity in Allstate

Several other institutional investors have also adjusted their positions in Allstate. Blackrock Inc. grew its holdings by 971,859 shares, bringing its total to about 22.9 million shares worth approximately $5.67 billion. Meanwhile, Franklin Resources, Inc. added 673,860 shares, ending with about 8.7 million shares valued at around $2.16 billion. In contrast, Vanguard Capital Management LLC reduced its stake by 69,208 shares, now holding about 16.8 million shares worth around $4.17 billion.

The Allstate Corporation Stock Up 1.6%

Allstate shares are trading near their recent levels, which may impact investor sentiment following the rating change. The stock's recent price of $243.45 positions it above the newly set target of $236, indicating a potential for adjustment in market expectations.

12-month forecast

$ALL price target

The Allstate Corporation daily closes and this analyst's $236 target. Not advice.

Recent Earnings

In its latest report, Allstate posted a trailing twelve-month revenue of approximately $70.1 billion, with an impressive net margin of 19.0%. The company also achieved an earnings per share (EPS) of $49.94 and a return on equity (ROE) of 46.1%. Investors can look forward to the next earnings report on November 4, 2026.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

A- 85/100

Reported Apr 29, 2026

Forward outlook
4 analysts raised price targets.
EPS & revenue
EPS beat estimates by 44.7%. Revenue beat estimates by 11.1%.
Profit surprise
Operating income beat by 40 percent.
Pre-earnings setup
Expectations were about average.
Analyst signal
4 target raises.
Earnings quality
Gross margin up 26.7 points. Operating margin up 14.5 points. Negative free cash flow.

Earnings Call Summary

Allstate delivered a strong first quarter with total revenue of $16.9 billion, up 3 percent, and adjusted earnings of $10.65 per share, beating consensus of $7.43. The property liability combined ratio improved to 82 percent, driven by strong underwriting performance and favorable reserve releases from 2023 and 2024. Management highlighted gaining auto insurance market share in 29 states representing 57 percent of premiums and homeowners market share reaching 8.3 percent nationally. They emphasized their multi-lever strategy for growth including pricing sophistication, product innovation, improved customer experience and effective claims management, rather than competing solely on price. Investment income grew nearly 10 percent to $938 million. The company returned $881 million to shareholders through repurchases and dividends, completing a $1.5 billion repurchase program and launching a new $4 billion authorization.

Guidance Management did not provide explicit financial guidance for full year 2026 or next quarter. They discussed strategic plans to manage pricing, expenses and distribution across 39 states with a balanced approach of rate increases in 16 states and decreases in 23 states, resulting in net neutral rate impact. They emphasized their Rubik's cube operating model to balance growth and profitability through multiple levers beyond pricing.

Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Insider Buying and Selling at The Allstate Corporation

Insider transactions have shown some activity recently. On May 22, 2026, former insider Mark Q Prindiville sold 1,550 shares for about $335,226. Additionally, Director Andrea Redmond sold 2,225 shares on June 1, 2026, for approximately $451,475. Other insiders have also sold shares, including Divisional Officer John E Dugenske, who sold 32,996 shares valued at around $8.89 million on August 7, 2026.

Analysts Set New Price Targets

On October 12, 2026, Wells Fargo upgraded Allstate to Equal-Weight with a target of $236. Earlier, Morgan Stanley maintained its Equal-Weight rating but lowered its target from $265 to $240. Mizuho also maintained its Outperform rating, with a target of $295, while Barclays kept an Underweight rating with a target of $221.

About Allstate Corporation

The Allstate Corporation, headquartered in Northbrook, IL, provides various insurance products in the U.S. and Canada. It operates in segments such as Allstate Protection and Run-off Property-Liability, focusing on property and casualty insurance. The recent rating change from Wells Fargo reflects ongoing evaluations of the company's performance in a competitive market.

Bottom Line

Investors should watch for Allstate's next earnings report on November 4, 2026, as it will provide further insights into the company's financial health. The adjustments in analyst ratings suggest a cautious outlook, reflecting the dynamics in the insurance sector.