UPDATE: Stifel Resumes Atlas Air Worldwide (AAWW) at Buy
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(Updated - June 21, 2021 4:32 PM EDT)
Stifel analyst Frank Galanti resumes coverage on Atlas Air Worldwide (NASDAQ: AAWW) with a Buy rating and a price target of $90.00.
The analyst commented, "Atlas is a leading air cargo lessor and outsourced aviation services with a fleet of 113 aircraft. With primarily factory-built cargo airplanes that operate in the longer trades, the company operates ~30% of its fleet in the charter market, which has worked out very well in terms of timing. As a result of the market tightness, Atlas's customers locked up capacity for 1-3 years. With some near-term stability, cash flows should transform the already significantly de-levered balance sheet. As a leasing company, Altas is generally at the whims of the market, however that can be mitigated with good assets, a solid balance sheet, good customer mix/contract duration, and thoughtful capital allocation, which the company has in spades. Importantly, we estimate that the company still trades at a ~25% discount to mid-cycle valuations, which is the basis of our Buy recommendation."
Shares of Atlas Air Worldwide closed at $66.99 yesterday.
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