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I don't think the stock is terribly overvalued, and the all-time high is over 50. So there's upside potential as well.

And if you like the stock, which I do, writing a call can get it sold out from under you, when you really wanted to keep it.

The dividend yield of 1.8% is not horrible in this market. The additional amount you get from the call proceeds is not worth the risk of a sale you don't want, or having to buy the call back at a loss.

The best downside protection is probably a stop-loss order.

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