** Shares of aircraft lessor Air Lease Corp AL.N fall 3.5% to $44 after BofA Global Research trims rating to "underperform" from "buy"

** "In this environment, not every lessor is equally positioned to reap the near-term benefits" - brokerage

** Says AL's "strong" dependance on original equipment deliveries could continue to hinder the stock

** AL last month said it expected lease rates and aircraft valuations to rise on a shortfall of commercial planes

** 5 of 6 brokerages rate AL "buy" and 1 "hold"; their median PT is $55.50 - LSEG data

** As of last close, stock down 7% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))