AerCap's (AER) business model puts it in a better position than Air Lease (AL) amid the current supply constraints from aircraft manufacturers, BofA Securities said in a Friday note.

BofA said, "not every lessor is equally positioned to reap the near-term benefits," in the current environment. Air Lease's "strong" dependence on plane makers may keep hindering the stock despite the company's strong aircraft order backlogs, the analysts said.

In contrast, Air Lease's rival AerCap is seen benefitting from "highly profitable aircraft sales" as well as "sale-lease backs and other alternatives to get a more near-term spot" in the plane makers' queue, BofA said. AerCap also is also exposed to a "shorter-cycle and high-demand engine leasing business" and has a "shareholder friendly capital deployment," the note said.

Meanwhile, Air Lease is seen to have a "more conservative" strategy as it's focusing on aircraft versus engines, and has a "capital deployment focused on improving leverage and credit ratings," BofA said.

"While [Air Lease's] business strategy could prove more resilient over the long term," the company "might be missing out on the opportunity to benefit in the near term," the note said.

BofA downgraded Air Lease's rating to underperform from buy and cut its price target to $50 from $72. The firm reiterated its buy rating on AerCap and lifted its price target to $125 from $105.

Price: 100.17, Change: -1.03, Percent Change: -1.02