Jesup & Lamont Initiates Coverage on Air Transport Services Group (ATSG) with a Buy
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Jesup & Lamont initiates coverage on Air Transport Services Group (Nasdaq: ATSG) with a Buy rating.
Jesup analyst says, "We believe these shares can sell at 10x estimated 2010 EPS of $0.71, or $7.10 per share. We are estimating limited growth for next year because of changes in the DHL ACMI contract...ATSG is lessening its dependence on DHL, which now accounts for 67% of revenues, compared to 100% of revenues at the time of the spinoff from Airborne Express. DHL recently informed ATSG it was canceling the ACMI contract on August 15, 2010 in favor of a new contract, currently being negotiated. The termination of this contract is a potential overhang on the shares."
Air Transport Services Group, Inc., through its subsidiaries, provides air cargo transportation and related services in the United States.
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