UPDATE: Credit Suisse Assumes Coverage of Aercap Holdings with an OUTPERFORM Rating and $16 TP

Credit Suisse is Assuming Coverage of Aercap Holdings N.V

with an OUTPERFORM Rating and a target price of $16 Credit Suisse noted, "while AER reported solid top line growth, impairment reared its ugly head for the first time this year. We expect more of the same going forward as aircraft useful lives and associated cash flows are revisited. AER continued its efforts to enhance shareholder value through buying back ~13 M shares in Q3 (18.5 M YTD) at an average price of $11.75 (book value ~$18). While it can be argued that aircraft investments should be more beneficial to valuation, the market's bias is for buybacks." Aercap Holdings closed at $12.96 on Wednesday.