In the good books
ALLIANCE AVIATION SERVICES (AQZ) was upgraded to Outperform from Neutral by Credit Suisse
Credit Suisse reviews the investment thesis as the stock has fallen -11.5% and underperformed the small ordinaries index by -12.8% since the FY19 result. The broker believes concerns around wet lease arrangements are unfounded, while issues surrounding the Qantas (QAN) overhang continue. Rating is upgraded to Outperform from Neutral and the target raised to $2.90 from $2.60. The broker expects the company should generate around $28m in free cash flow, even after factoring in elevated capital expenditure into FY21.