Oppenheimer Sees Greater Likelihood Of Allstate Buyback

Oppenheimer writes about The Allstate Corporation (NYSE: ALL) that "with today's note we are not updating our estimates or changing our rating on shares of Allstate. The purpose of today's note is to highlight the fact that we think at least two positive catalysts could help to support Allstate's share price into earnings. The first is our estimate for an increase to Allstate's portfolio valuation that could exceed $2 per share (before the impact of shadow DAC, reserve adjustments, or DSI). Partially supported by the improved asset valuation and a subdued hurricane season thus far, we think all the components are in place for
Allstate to seriously consider re-instituting its buyback program, a move which we think the market would perceive favorably."

Oppenheimer maintains its Perform rating for Allstate Corporation, which closed yesterday at $31.33.

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