Air Lease price target lowered to $60 from $65 at BofA

BofA lowered the firm’s price target on Air Lease to $60 from $65 and keeps a Buy rating on the shares. The firm’s lower target reflects headwinds from the mismatch between when Air Lease can reprice leases and when the company will need to access capital markets, but despite the near-term headwind from high interest rates, BofA expects the severity of the supply/demand imbalance to continue to bolster sales and ultimately still support higher premiums on the aircraft the company leases.