Here's our post from a week ago:
UBSmaintains 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."