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After more than a year at a three-star rank, enough top-performing CAPS members have turned bullish on Allstate (NYSE: ALL) recently to upgrade it to a more formidable four stars. A total of 580 members have given their opinion on the insurance firm, with many of them offering analysis and commentary explaining the recent optimism.

Stock in Allstate has been making progress in regaining ground after the recession torpedoed its investment portfolio, just as it hammered other large insurers like AIG (NYSE: AIG), MetLife (NYSE: MET), and Berkshire Hathaway (NYSE: BRK-A). While plummeting markets prompted Allstate to record $1.93 billion in net realized losses in investments in the fourth quarter of 2008, it drastically narrowed those losses in the fourth quarter of 2009. It's still feeling some of the pain associated with languishing commercial real estate investments, similar to major banks like Citigroup (NYSE: C), JPMorgan (NYSE: JPM), and Bank of America (NYSE: BAC), but tightened up its fourth-quarter net realized losses to just $33 million.

While some smaller companies are still struggling, Allstate swung to a fourth-quarter profit after a loss in the prior year, similar to life insurer Prudential Financial. It pulled in earnings of $518 million, increased operating income, and generated a nearly 23% boost in total revenues. The firm also recently added a former George Soros risk manager to minimize investment risk, and with a solid position as a top home and auto insurer, a solid majority of the CAPS members who cast an opinion on the stock like the potential for Allstate's stock to outperform.

Do you think Allstate deserves its raised status? Add your thoughts in the comments box below on this page, or head over to CAPS to rate the company and check out all the information and opinions the community offers, absolutely free.

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Fool contributor Dave Mock recently upgraded his life insurance policy, making him worth more dead than alive. He owns no shares of companies mentioned here. Berkshire Hathaway is both an Inside Value and a Stock Advisor recommendation and the Fool owns shares. The Fool's disclosure policy had its career-ending injury way back in the pee-wee football league.