Citi Comments on FLY Leasing's Q4 10 Results (FLY)

Citi is out with its report today on FLY Leasing FLY, commenting on FLY's Q4 10 results. In a note to clients, Citi writes, "Reported EPS of $0.39 beat our estimate of $0.31 but was below $0.45 a year ago. Excluding gains on sale of aircraft, however, we calculate recurring EPS of $0.24, better than our estimate of $0.19 and higher than $0.16 for 3Q10 and $0.17 for 4Q09." Citi maintains Buy with a $17.80 PT on FLY. Shares of FLY closed Wednesday at $13.18, down 0.23% from Tuesday's close.