In a report published Monday, Citigroup reiterated its Buy rating on AerCap Holdings NV AER, and slightly raised its price target from $18.30 to $18.60.
Citigroup noted, “AER plans its annual investor day in New York on September 12. We expect it to focus on its strategic review that has been conducted since May 2012, as already announced. The review is aimed at boosting shareholder value based on various options ranging from share re-purchases and aircraft acquisitions and disposals to a potential sale or merger of the company. We expect the focus to be mainly share repurchases and aircraft acquisitions but if the share price continues to trade at a 30%+ discount to BVPS, we would expect the Board to consider wider-ranging options, especially as non-listed aircraft lessor investment transactions have generally taken place above book value (e.g. RBS Aviation Capital to Sumitomo Mitsui at a reported P/BVPS of 1.05x).”
AerCap Holdings NV closed on Friday at $12.00.
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