UPDATE: Imperial Capital Reiterates In-Line Rating, Raises PT on Atlas Air Worldwide Holdings on 4Q12 Adjusted EPS

In a report published Friday, Imperial Capital reiterated its In-Line rating on Atlas Air Worldwide Holdings AAWW, and raised its price target from $43.00 to $46.00. Imperial Capital noted, “We are maintaining our In-Line rating and are raising one-year price target to $46 from $43. Atlas reported 4Q12 adjusted EPS of $1.83, ahead of our estimate of $1.70 and consensus of $1.74. The company reported stronger-than-expected commercial charter revenue in 4Q12, driving most of the outperformance versus our model. Atlas issued 2013 guidance of $4.65 per share, with the majority of earnings occurring in the second half of the year. With heavy maintenance expense in the first half of the year, and continued uncertainty surrounding global growth, we expect 1Q13 and 2Q13 EPS to decline year-over-year (yoy) with growth resuming in 2H13. We believe investors remain concerned that Atlas has not yet secured new contracts for the two incoming Boeing 747-8s. This uncertainty may limit the stock's appreciation, in our view.” Atlas Air Worldwide Holdings closed on Thursday at $46.70.