As previously reported, JPMorgan analyst Jamie Baker upgraded Fly Leasing (FLY) to Neutral from Underweight with a $27.50 price target, up from $23.00. Baker notes that the shares have unperformed peers since August and his rolled-forward valuation projects upside potential of about 41%, which warrants a higher rating. Despite a more recent pullback from highs, the stock has rallied about 85% year-to-date and "comfortably taken up residence in the valuation neighborhood of its larger peers" after several years of chronic discount, and Baker does not expect the newer comparative valuation to change, he stated.