UPDATE: Bank of America Reiterates Neutral Rating, Raises PT on Air Lease Corporation Following Solid 4Q13 Results

In a report published Tuesday, Bank of America analyst Glenn D. Engel reiterated a Neutral rating on

, and raised the price target from $28.50 to $40.00. In the report, Bank of America noted, “AL trades at premium valuation to the sector, but we believe this is justified given its young fleet, large order book, low financial leverage, favorable operating leverage, and renowned management team with strong industry connections. AL has less short-term earnings risk given limited upcoming lease renewals and fully placed near-term order book, but perceptions of AL's order book could turn sour if demand for aircraft falters.” Air Lease Corporation closed on Monday at $36.76.