Dahlman Roase & Co has initiated coverage on Fly Leasing Ltd with a Buy rating and a $16.50 price target. In a note sent to investors, Dahlman Rose writes, “As a pure play on aircraft leasing, in the sense that it does not order aircraft unless a contract is in place, FLY Leasing’s growth is somewhat difficult to forecast. The company’s earnings generally decline as aircraft come off lease and are re-leased at amounts lower than prior leases, and without newer aircraft or an increasing portfolio, FLY’s earnings will continue to decline. We use Net Asset Value as our preferred

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