Allstate is Up… For Now

It looks like Deutsche Bank called it for The Allstate Corporation (NYSE:ALL) as shares of the company rose to $30.75 today in intraday trading, approaching the price target the analyst set when they upgraded the company back in early December.  

 On December 2, 2011, Deutsche Bank upgraded Allstate from a Hold to a Buy and lifted their price target to $31.

Although shares of Allstate were buoyed today on news of great earnings, they may get pounded at tomorrow’s opening as news that Bank of America Corp. won dismissal from Allstate Corp. (ALL)’s lawsuit over its alleged losses from $700 million in mortgage-backed securities purchased from Countrywide Financial Corp (CFC).

Bank of America, as a corporate parent, isn’t responsible for the liabilities of Countrywide, the mortgage lender it acquired in 2008, U.S. District Judge Mariana Pfaelzer in Los Angeles said today. The judge found that the evidence Allstate provided wasn’t sufficient to support its allegations that Bank of America set out to defraud Countrywide’s - Bloomberg

Over the past 12 months Allstate Corp (ALL) shares have traded between a 52-week low of $22.27 and its 52-week high of $34.40.  Allstate Corp shares are now trading with a P/E Ratio of 44.8 and EPS of 0.65.  ALL closed today at $30.29, up 3.34% and $0.98. Volume finished the day at 11.45M shares traded.