Deutsche Bank Upgrades Allstate (ALL) to Buy; Earnings Emerge from Trough

Deutsche Bank upgraded Allstate (NYSE: ALL) to Buy, price target raised $2 to $31.00.

Deutsche analyst says, "After four disappointing years for Allstate--in terms of earnings results and loss of auto marketshare--the outlook and share price for the company's stock looks to have reached a bottom and seems overdone. Investors have become more realistic, if not too pessimistic, about Allstate's earnings power. With a expected ROE of 8%--assuming weather losses continue to be high--its ROE outlook is not that much lower than its peers who trade at a significant premium to Allstate and whose earnings outlooks are meaningfully at risk of being disappointed."

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 $26.56 yesterday.

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