FBR Capital Downgrades Aircastle Limited (AYR) to Market Perform
- Apple (AAPL) Tops Q4 EPS by 2c; Issues Solid Outlook
- Wall Street slips on earnings; Apple falls late after results
- Chipotle Mexican Grill (CMG) Posts Q3 EPS of $0.27; Comps Miss Views; Additional Stock Buyback Approved
- Pandora (P) Misses Q3 EPS by 1c, Q4 Revenue Guidance Falls Short
- After-Hours Movers 10/25: (OGXI) (AKAM) (VRTX) Higher; (EW) (NUVA) (CMG) (AAPL) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
FBR Capital downgraded Aircastle Limited (NYSE: AYR) from Outperform to Market Perform with a price target of $23.00 (from $24.00).
Analyst Christopher Nolan commented, "We are downgrading our investment rating for AYR to Market Perform from Outperform, lowering our price target to $23 from $24, and lowering our forward EPS estimates. Our downgrade reflects lower-than-expected 2Q16 adjusted EPS, AYR shares' premium price/book valuation relative to the peer average, and AYR’s forward exposure to weakening values for older widebody aircraft. Results for 2Q16 were affected by asset impairment charges related to such aircraft following AYR’s annual widebody fleet review. Looking ahead, we believe further impairment charges are possible given our view that secondary market valuations of older widebody aircraft in general will likely remain under pressure. More positively, we believe AYR shares have downside price support in the current market environment given the 4% yielding dividend and AYR's relatively small aircraft order book. Since early February, when we upgraded AYR to Outperform, the shares have generated a 31% total return versus 17% for the S&P 500 Index."
Shares of Aircastle Limited closed at $21.63 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Cynosure (CYNO) PT, Estimates Trimmed at Stifel Despite Solid Results
- Needham & Company Raises Price Target on II-VI, Inc. (IIVI) Following 1Q Beat
- Fossil Group (FOSL): Successful Wearables Launch May Open The Door To Growth - Wells Fargo
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Downgrades
Related EntitiesStandard & Poor's
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!