UPDATE: J.P. Morgan Raises PT on FLY Leasing to $16.50

J.P. Morgan is out with its report today on FLY Leasing FLY, raising its PT from $15 to $16.50. In its report, J.P. Morgan writes, "Last night FLY announced the purchase of 49 aircraft, effectively increasing its aircraft under management from 60 to 109. Having otherwise lacked a meaningful growth trajectory, we believe this transaction can boost 2012 earnings from $1.38 to $1.67. Holding valuation methodology constant, this causes us to raise our price target from $15 to 16.50." J.P. Morgan maintains Neutral on FLY. Shares of FLY closed Wednesday at $11.46, down 0.35% from Tuesday's close.