UPDATE: Bank of America Downgrades Aircastle Limited to Underperform, Raises PT on Multiple Risk Factors

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In a report published Wednesday, Bank of America analyst Glenn D. Engel downgraded the rating on

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Aircastle Limited

(NYSE: AYR) from Neutral to Underperform, but raised the price target from $13.50 to $14.75.In the report, Bank of America noted, “AYR trades at a modest premium to our estimate of net asset value. AYR also has the greatest exposure to freight aircraft of any lessor, which has underperformed passenger this cycle owing to less favorable supply demand. Base level earnings have deteriorated as AYR's relatively old fleet renews at lower lease rates, and the combination of lethargic economic growth, persistently high fuel prices, and record deliveries of single-aisle aircraft from Boeing and Airbus adds risk to fleet values.”Aircastle Limited closed on Tuesday at $15.90.