Imperial Capital Starts Atlas Air Worldwide (AAWW) at Outperform
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Imperial Capital initiates coverage on Atlas Air Worldwide (NASDAQ: AAWW) with a Outperform rating and a price target of $60.00.
Analyst Michael Derchin commented, "AAWW is a global leader in the air freight industry with a superior fleet, strong brand identity, customer relationships based on a focus on reliable service over a complex network. Recently, AAWW made three significant announcements to align its business model with the fast growing, express, and e-commerce marketplace. AAWW acquired Southern Air in April, got a new five-year agreement with FedEx to provide five 747-400 freighters for the peak seasons through 2021, and signed an agreement to develop a strategic platform with Amazon (AMZN) for its new Prime Air service, while giving Amazon the option to acquire up to 30% of outstanding AAWW shares. AAWW is now in the early stages of what we believe to be an exciting growth platform with Amazon, with only one 767-300 currently supporting Amazon's peak Prime Air business this winter, out of 20 aircraft under contract to be deployed by the end of 2018. The agreement also has provisions for additional growth opportunities if the initial 20 aircraft operation is successful."
Shares of Atlas Air Worldwide closed at $49.30 yesterday.
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