UPDATE: Stifel Starts Air Transport Services Group (ATSG) at Hold
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(Updated - August 26, 2016 9:08 AM EDT)
Stifel initiated coverage on Air Transport Services Group (NASDAQ: ATSG) with a Hold rating. Analyst David G. Ross views shares as fairly valued.
Ross said, "We are initiating coverage of ATSG with a Hold rating on the shares due to valuation, in spite of secular growth tailwinds (related to e-commerce), as the stock has already had a good run year-to-date. Having known ATSG for some time (management has presented at our annual Stifel Transportation & Logistics Conference), we are pleased to launch coverage of the stock and like the longer-term story. ATSG is a growing provider of medium-body freighter aircraft (and airline operations) with a concentration on service providers in the express parcel/B2C space. The company made headlines earlier this year (after speculation began circulating in 4Q15) by starting up a cargo operation for Amazon out of its Wilmington, OH hub (the old Airborne hub) and then inking a five-year contract in 1Q16 with the e-commerce giant (after a successful peak season trial period) for 20 leased and operated 767s."
Shares of Air Transport Services Group closed at $14.82 yesterday.
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