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Air Transport Services price target raised to $22.50 from $15 at Truist
The Fly

Air Transport Services price target raised to $22.50 from $15 at Truist

Truist analyst Michael Ciarmoli raised the firm’s price target on Air Transport Services (ATSG) to $22.50 from $15 and keeps a Hold rating on the shares after the company announced its entry into an acquisition agreement with Stonepeak for $22.50 per share. The deal’s implied take-out multiple offered by Stonepeak represents a 20% discount to peers, but this is likely warranted given recent operating performance, pilot union contract unknowns, and increased exposure to older freighter platforms compared to newer passenger variant aircraft, the analyst tells investors in a research note.

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