-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将12个月目标价上调15美元至260美元，对ALL股票的估值基于我们2027年每股运营收益预期26.05美元（今日上调0.55美元）的10倍市盈率，以及基于我们2026年每股运营收益预期28.15美元的9.2倍市盈率，而一年期平均市盈率和同业平均市盈率均为11倍。预计2027年每股运营收益将下降，这反映了2026年第一季度异常有利的理赔趋势的影响（我们认为这不会成为长期趋势）。第一季度每股运营收益为10.65美元，高于上年同期的3.53美元，也高于我们6.85美元的预期和7.24美元的普遍预期，这反映出承保业绩的改善。第一季度营收增长3%，低于我们此前4%-8%的预期，但财产险已赚保费增长了5.5%。综合比率从97.4%改善至82.0%，主要得益于巨灾损失下降44%。剔除巨灾损失后的基础综合比率从83.1%改善至80.3%，验证了此前费率上调的成功。目前该股的市盈率约为我们2026年和2027年每股收益预期值的8倍，我们认为该股相对于同业和历史平均水平而言被低估。
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