Wells Fargo Starts FLY Leasing Limited (FLY) at Outperform; Another Undervalued Lessor with A Dividend

Wells Fargo initiates coverage on FLY Leasing Limited (NYSE: FLY) with an Outperform. PT range $13.50-$14.50.

Analyst, Gary S. Liebowitz, said, "We believe FLY's current stock price fundamentally undervalues the company’s assets (i.e., a 0.69x P/B) and earnings power (i.e., 8.8x 2012E EPS). These valuations may be justified if FLY’s book value were overstated, or if its RoE was subpar, or if the outlook called for slow EPS growth. We do not believe that any of these conditions are true. Our rating is consistent with our broader positive view of the aircraft leasing sector, which should grow about 5% annually for the foreseeable future."

For an analyst ratings summary and ratings history on FLY Leasing Limited click here. For more ratings news on FLY Leasing Limited click here.

Shares of FLY Leasing Limited closed at $11.92 yesterday.

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