Fly Leasing: J.P.Morgan double-downgrades to 'underweight' after Carlyle's buy offer

Median Technologies SA

05/04/2021 08:27

** J.P.Morgan double-downgrades aircraft leasing company Fly
Leasing Ltd  FLY.N  to "underweight" from "overweight" following
the announcement that co is going to be acquired by Carlyle
Aviation Partners
    ** Carlyle Group's  CG.O  aviation investment arm Carlyle
Aviation Partners to buy FLY for $520 mln, or $17.05 per share
in cash  urn:newsml:reuters.com:*:nL4N2LR2AQ
    ** Shareholders of Fly would get $17.05 per share in cash
valuing the company at $520 mln
    ** In the absence of any anticipated higher offers and given
our confidence regarding regulatory approval, we urge existing
owners to take profits at current levels - JPM
    ** Brokerage says $17.05/share acquisition price represents
a 34% discount to FLY's $25.88 book value as of Q4 2020
    ** JPM raises PT to $17 from $15; median PT is $17.02 -
Refinitiv Eikon Data
    ** YTD, FLY up 71.2% as of last close

 (Reporting by Aniruddha Chakrabarty)
 ((aniruddha.c.thomsonreuters.com@reuters.net))