FBR Capital Remains Bullish on Air Lease (AL) as CEO Steps Down
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Rating Summary:
15 Buy, 5 Hold, 0 Sell
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Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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FBR Capital maintained an Outperform rating and $40.00 price target on Air Lease Corp (NYSE: AL) following the company's announcement that Steven Udvar-Hazy, founder, CEO, and chairman, is stepping down as CEO effective July 1. Mr. Hazy is AL's largest insider shareholder. If health was an issue, it could potentially raise the possibility of liquidation of Mr. Hazy’s 5.15% equity stake in AL for estate planning purposes. President and COO John Plueger was appointed CEO, and CFO Greg Willis was promoted to executive vice president.
Analyst Christopher Nolan commented, "AL announced that Steven Udvar-Hazy, founder, CEO, and chairman, is stepping down as CEO effective July 1 and will take the role of executive chairman. President and COO John Plueger was appointed CEO, and CFO Greg Willis was promoted to executive vice president. Given Mr. Hazy is 70 years old, we view this as a normal management succession plan in action and expect the transition to Mr. Plueger as CEO will be seamless. The announcement indicated Mr. Hazy will remain actively engaged in working with AL's airline clients, suppliers, and financiers. In our view, as a charismatic, elder statesman for AL and the aircraft leasing sector in general, we think Mr. Hazy’s ongoing active participation in AL is a positive. However, we also believe AL has sufficient management depth to manage this transition smoothly. We reiterate our Outperform rating for AL shares."
For an analyst ratings summary and ratings history on Air Lease Corp click here. For more ratings news on Air Lease Corp click here.
Shares of Air Lease Corp closed at $26.89 yesterday.
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