Looking at fundamentals (and ignoring the cyclical nature of the industry) - yes some analysts see them still as undervalued; On the other hand - they often do (and sometimes they are right and sometimes they are not).
However - looking at the graph ... I'd call that ugly. Sure - any down trend has to stop at some stage, but why do you think this is now?
Attachment 8096
Not even the indicators appear to move towards "oversold". Why do you think the trend should turn now?
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And yes - high divvies are nice, but if they are not sustainable, than they are frequently just the last hurrah of a board trying to keep the SP up - no matter what the cost. Sure - at current the forward PE of AIR looks really nice (3.9), but if you look at the long term PE (14.5 - not that flash) and consider that they will have as many years with worse PE than average than better - are you sure that next years divvies will still justify the current share price?