ARGUS Maintains a 'Hold' Rating on Allstate Corp. (ALL), Stock Remains Undervalued Even After 70% Rally
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ARGUS maintains a 'Hold' rating on Allstate Corp. (NYSE: ALL).
ARGUS analyst says, "We believe that the stock remains undervalued even after rallying more than 70% from its low of $18 on November 20. As we are now in the unpredictable year-end season, it's hard to determine whether the stock is on an upswing that will last into the first quarter, or whether it will retrace some of its recent advance. We do not expect any alarming surprises in the fourth-quarter report, so there could be some further momentum in the shares. The company's operating fundamentals remain largely unchanged, with a competitive auto market, relatively stable underwriting loss trends, a weak investment outlook, and soft expectations in the financial services segment. At present, there are no significant catalysts to move ALL higher; however, value investors may bring the stock closer to its likely reported book value range in 2009, which could be in the low $30s."
The Allstate Corporation serves as the holding company for Allstate Insurance Company.
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