UPDATE: Credit Suisse Assumes Coverage on Air Lease Corporation with Outperform Rating, $30 PT

In a report published Friday, Credit Suisse Group assumed coverage on Air Lease Corporation

with an Outperform rating and $30.00 price target. Credit Suisse noted, “We expect AL to trade higher at the open today following a strong earnings beat relative to consensus. AL has solidified itself as a first class operator continuing to execute its growth, regional diversification and funding strategy. We expect ALs new fleet and long lease durations (average 7 years) should keep its lease rates and earnings sticky going forward. And the 70 aircraft that are already placed on lease through 2014 should drive significant Y-Y growth (~30% annually over the next two years).” Air Lease Corporation closed on Thursday at $21.36.