Allstate's exposure to the decline in the subprime mortgage loan market has not dampened one investment bank's enthusiasm for its shares.

Bear Stearns analyst David Small said he remains bullish on the stock. “We believe the underlying quarter was solid and should have heightened the stability of the business model,” Mr. Small wrote.

The fact that the personal auto market has outperformed expectations, and in the high end of the market in particular, further cements the analyst's confidence, he said.

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