AerCap price target raised to $120 from $111 at Morgan Stanley

Morgan Stanley analyst Kristine Liwag raised the firm’s price target on AerCap (AER) to $120 from $111 and keeps an Equal Weight rating on the shares. Noting that Aerospace stocks are trading at record multiples, the firm contends that recent multiple expansion in Aerospace reflects sector resilience and adds that it expects industry dynamics to “largely remain on trend.” The firm, which adds in a Q2 preview for the group that the Aero supply chain continues to improve, Boeing (BA) output has momentum, and air traffic demand persists, continues to favor aerospace stocks with a mix of aftermarket and original equipment exposure.