Air Lease resumed with a Buy at Goldman Sachs

Goldman Sachs analyst Catherine O’Brien resumed coverage of Air Lease with a Buy rating and $59 price target, implying 38% upside to current levels. Despite better than expected performance through the pandemic and a recovery in air travel in 2022, the shares were down 13% last year as investors remained concerned about airline health and the leasing industry wrote off aircraft on lease to Russian airlines, the analyst tells investors in a research note. However, the firm believes the pandemic and the events in Russia provided important stress tests that showed the resiliency of the Air Lease model. It We expects demand for aircraft to continue to outstrip supply, with Air Lease well positioned to capitalize.