Allstate: UBS says Short Term Buy on Probable Share Buyback

Not a lot of room here, the stock is up $1.21 at $31.18.
From StreetInsider:

UBS maintains a 'Neutral' rating on Allstate (NYSE: ALL), but places a Short-Term Buy rating on the . Stock PT $32.

UBS analyst says, "We see a reasonable probability of an announcement of a new stock repurchase program in the next few weeks, a potential near-term catalyst for the stock (upside of perhaps 10%). Even in the absence of such news, we think downside for the stock is limited, as ALL’s current P/B ratio is in line with the downside resistance level of 85% in place since 2Q09."

"Options idea: Buy Nov $31 call for $0.26 and sell Nov $29 put for $0.26 - Options strategist Mitchell Revsine believes the $31 call is 48% undervalued. Also consider selling Nov $29 put to offset call premium paid."

Here's our post from a week ago:

Allstate Misses on Earnings, Revenues, Stock Closes Generally Mournful and Reflective (ALL)