UPDATE: Citigroup Reiterates Buy Rating, Raises PT on AerCap Holdings

In a report published Monday, Citigroup reiterated its Buy rating on AerCap Holdings NV

, and raised its price target from $19.00 to $21.70. Citigroup noted, “AER sold the portfolio with an average age of 11 years at 0.95x net book value in terms of EV/Net book value and 0.89x in terms of equity value/NBV of equity, higher than AER's current P/BVPS of 0.75x. We therefore expect the remaining younger portfolio (average age 5.1 years) to have limited impairment risk. Out of the existing fleet of 214 planes, there are only 11 old technology aircraft and 3 freighters – the highest risk aircraft – worth just $146m (2% of total portfolio value). The sale of mainly A320s (33 out of the 50) reduces AER's dependence on Airbus.” AerCap Holdings NV closed on Friday at $13.76.