Deutsche Bank analyst Ashish Sabadra looked at different strategic options for Alliance Data Systems after the company's CEO highlighted the potential for strategic optionality at his firm's technology conference last week. The analyst sees Alliance Data's options as a spin-off of its non-card businesses, a sale of its non-card businesses, sale of pieces/portions of its non-card businesses, and no sale or spin-off post an exhaustive review. Sabadra's "back-of-the-envelope" sum-of-the-parts analysis suggests a stock price in the range of $269 to $277 for the first two options, which he notes provides only around 10% upside to the current price. However, the analyst believes the likelihood of the first two actions is low and accordingly keeps his target price at $253. Sabadra keeps a Buy rating on Alliance Data Systems.