Macquarie downgrades Allstate, prefers Travelers and W.R. Berkley

|About: Allstate Corporation (ALL)|By:, SA News Editor

via Bloomberg

Noting a 21% gain for the stock over the last year after taking aggressive rate actions and re-underwriting its book, analyst Amit Kumar downgrades Allstate (NYSE:ALL) to Neutral from Outperform.

Travelers (NYSE:TRV) and W.R. Berkley (NYSE:WRB) remain Outperform-rated.

In reinsurance, Kumar is a fan of XL Group (NYSE:XL) as a "top turnaround story," thanks to increased confidence after a few quarters of stable results. He's a seller of Axis Capital (NYSE:AXS) and Everest Re (NYSE:RE).