Wells Fargo upgraded FLY Leasing Limited (NYSE: FLY) from Market Perform to Outperform while

Analyst Gary S. Liebowitz comments, "We are upgrading FLY shares to Outperform from Market Perform as earnings and returns should improve meaningfully as its deep pipeline of aircraft capex is realized. We believe as this growth unfolds, investors will earn a 7%+ dividend yield, which should grow in the medium/long term. We cut 2014E EPS to $0.85 from $0.95 and keep 2015E EPS at $1.50."

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Shares of FLY Leasing Limited closed at $13.70 yesterday.