Loading...
Loading...
In a report published Wednesday, Bank of America analyst Glenn D. Engel downgraded the rating on
Aircastle LimitedAYR 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in