UPDATE: Deutsche Bank Initiates FLY Leasing Limited at Buy on Cash Flow Quality

Deutsche Bank initiated coverage on FLY Leasing Limited

with a Buy rating and a $17.00 price target. Deutsche Bank noted, "We are initiating coverage on FLY Leasing Limited (FLY) with a Buy rating and a 12-month price target of $17 per ADS. We think FLY is a deep-value investment opportunity for investors seeking healthy earnings and stable cash flows supporting a relatively high dividend yield (+6.9%). We view the company as a high-quality lessor, well-positioned to deliver solid returns and generate value for shareholders over the long term. Moreover, FLY belongs to an industry that we find is still very much in its infancy globally, and has strong prospects for sustainable long-term growth." FLY Leasing Limited closed at $12.69 on Wednesday.