UBS Reiterates a 'Buy' on Allstate (ALL); Raising PT & Estimates on Better Margins

May 3, 2012 10:47 AM EDT
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Price: $74.54 +0.43%

Rating Summary:
    14 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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UBS reiterates a 'Buy' on Allstate (NYSE: ALL) price target from $37 to $38.

Analyst, Brian Meredith, said, "Compared to our forecasts, the upside surprise mainly involved favorable variances of $0.16 for underlying underwriting profit and lower corporate expenses ($0.02). Allstate began classifying certain limited partnership income ($0.12) as operating income in 1Q12. Excluding the reclassification, investment income was below our expectations in both P&C and Life. BVPS rose 4.5% vs originally reported 12/31/11 to $38.57 (below UBSe $39.39 and including a $0.75 hit for new DAC accounting)...We are increasing our EPS estimates from $3.92 to $4.25 for 2012 and from $4.15 to $4.25 for 2013."

For an analyst ratings summary and ratings history on Allstate click here. For more ratings news on Allstate click here.

Shares of Allstate closed at $32.91 yesterday.

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