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ALL

Allstate

$72.04

-0.01 (-0.01%)

16:45
11/28/16
11/28
16:45
11/28/16
16:45

Allstate Non-Insurance Holdings to acquire SquareTrade for about $1.4B

On November 28, Allstate Non-Insurance Holdings, a direct, wholly-owned subsidiary of Allstate, entered into an Agreement and Plan of Merger with SquareTrade Holding Company, Piazza Merger Sub, a direct, wholly-owned subsidiary of ANIHI, Shareholder Representative Services, as the Equityholder Representative, and the company, solely for the limited purpose set forth therein, pursuant to which ANIHI agreed to acquire SquareTrade for approximately $1.4B in cash through the merger of Merger Sub with and into SquareTrade, subject to the terms and conditions set forth therein. The Merger Agreement contains customary representations and warranties as well as covenants by each of ANIHI and SquareTrade. SquareTrade has agreed, among other things, subject to certain exceptions, to conduct its business in the ordinary course of business consistent with past practice between the date of the Merger Agreement and the closing of the Transaction, and not to take certain specified actions during such period. The Transaction is expected to close in January 2017. The closing of the Transaction is subject to the expiration or termination of all applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, obtaining the required notification from the Financial Conduct Authority of the United Kingdom of Great Britain and Northern Ireland pursuant to the Financial Services and Markets Act of the United Kingdom of Great Britain and Northern Ireland, the full time and active employment of certain employees of SquareTrade as of the closing, the absence of a material adverse effect on SquareTrade and its subsidiaries, and certain other customary closing conditions. Allstate intends to acquire SquareTrade utilizing corporate cash and debt issuance, subject to market conditions.

ALL Allstate
$72.04

-0.01 (-0.01%)

02/05/16
02/05/16
UPGRADE

On The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Abbott (ABT) upgraded on valuation at Argus... Allstate (ALL) upgraded to Buy from Neutral at Citi... CACI (CACI) upgraded to Buy from Neutral at Citi... Coca-Cola Enterprises (CCE) upgraded to Neutral from Negative at Susquehanna... Coca-Cola (KO) upgraded to Neutral from Negative at Susquehanna... Comcast (CMCSA) upgraded following Q4 results at Argus... DCT Industrial (DCT) upgraded to Neutral from Underperform at Credit Suisse... Fluidigm (FLDM) upgraded to Buy from Neutral at Mizuho... Glu Mobile (GLUU) upgraded to Buy from Hold at Benchmark... Goldman Sachs (GS) upgraded to Buy at UBS... JPMorgan (JPM) upgraded to Buy from Neutral at UBS... KeyCorp (KEY) upgraded to Buy from Neutral at UBS... Kona Grill (KONA) upgraded to Outperform from Market Perform at Telsey Advisory... LPL Financial (LPLA) upgraded to Neutral at Susquehanna... Level 3 (LVLT) upgraded to Overweight from Equal Weight at Stephens... Resolute Forest (RFP) upgraded to Outperform from Sector Perform at RBC Capital... Suburban Propane (SPH) upgraded to Buy from Neutral at Citi... Sysco (SYY) upgraded at Argus... U.S. Concrete (USCR) upgraded to Buy from Neutral at Citi... Ubiquiti (UBNT) upgraded to Buy from Hold at Wunderlich... United Natural Foods (UNFI) upgraded to Sector Perform from Underperform at RBC Capital... Weatherford (WFT) upgraded to Strong Buy from Market Perform at Raymond James... Whole Foods (WFM) upgraded to Neutral from Underperform at Longbow... Wi-LAN (WILN) upgraded to Speculative Buy from Hold at Canaccord.
05/09/16
DBAB
05/09/16
NO CHANGE
Target $79
DBAB
Buy
Allstate price target raised to $79 from $71 at Deutsche Bank
Deutsche Bank analyst Joshua Shanker raised his price target for Allstate to $79 saying the company's margin improvements "have only just begun." The analyst expects Allstate will continue to seek rate increases through 2016 and sees "meaningful" share upside from current levels. Shanker keeps a Buy rating on Allstate.
05/20/16
JANY
05/20/16
NO CHANGE
JANY
Buy
Allstate estimates lowered on catastrophe losses at Janney Capital
After Allstate announced April pre-tax catastrophe losses of $633M, which was above Janney Capital's estimate, analyst Robert Glasspiegel lowered his Q2 EPS estimate to 42c from 73c and his FY16 EPS estimate to $3.93 from $4.25. However, he maintains his 2017 EPS estimate of $6.00 and keeps a Buy rating on Allstate shares.
06/02/16
SBSH
06/02/16
DOWNGRADE
Target $31
SBSH
Sell
Progressive downgraded to Sell from Neutral at Citi
Citi analyst James Naklicki downgraded Progressive (PGR) to Sell saying consensus margin and earnings expectations are too optimistic. The company's margins should "deteriorate materially" as it books new business at a combined ratio of around 129%. The analyst cut his 2016 earnings per share estimate to $1.65, which he notes is well below consensus, and dropped his price target for the shares to $31 from $36. Naklicki recommends a pair trade of long Allstate (ALL), short Progressive.

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