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

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In a report published Monday, Citigroup reiterated its Buy rating on AerCap Holdings NV (NYSE: AER), 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.

Latest Ratings for AER

DateFirmActionFromTo
Aug 2014BarclaysMaintainsEqual-weight
Aug 2014Deutsche BankMaintainsBuy
Aug 2014Evercore PartnersMaintainsOverweight

View More Analyst Ratings for AER
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Analyst Ratings

 

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