Allstate Valuation Remains Favorable But Has Room To Improve, J.P. Morgan Reports

Allstate Corporation's ALL valuation remains favorable relative to returns, J.P. Morgan reports. “We believe Allstate is significantly undervalued in absolute and relative terms,” J.P. Morgan writes. “Shares are trading at 0.96X book value excluding unrealized gains versus an average of 1.04X for non-life stocks. Given, we believe ALL can cover its cost of capital over the next three years, something most of non-life companies we cover are unlikely to do, we believe valuation has room to improve.” Allstate Corporation closed Wednesday at $30.76.