J.P. Morgan Maintains Overweight on Allstate

J.P. Morgan is out with its report today on Allstate (NYSE: ALL), maintaining Overweight after ALL's investor day.

In a note to clients, J.P. Morgan writes, "The investor day and more tangible financial targets signal, in our view, improved management conviction in its ability to deliver improvement. While the stock is still somewhat of a show-me story, we see limited downside with significant upside potential driven by valuation expansion and earnings gains."

J.P. Morgan maintains a $40 PT on ALL.

Shares of ALL closed Wednesday at $30.44.