Wolfe Research analyst Scott Group upgraded Atlas Air to Outperform from Peer Perform with a $32 price target. The analyst said shares are down over 50% over the past year due to a weak global airfreight market and several large earnings cuts. Group said Atlas has the most leverage to a spike in airfreight rates and should benefit from a return in Chinese factory production. The analyst is already hearing evidence of an increase in airfreight rates out of China and notes every 5% increase in Charter pricing adds nearly a $1.00 to Atlas earnings.