Target raised - Scotia - From G&M Scotia’s Konark Gupta raised his Bombardier Inc. target to $100 from $90 with a “sector outperform” rating. “We hosted an investor call with Bart Demosky (EVP & CFO) and the IR team to dig deeper into BBD’s recently revealed plans for transitioning from a turnaround story to an ROIC-accretive growth story through 2030,” he said. “The discussion reinforces our positive thesis and boosts our confidence in our forecasts, which could still prove conservative. In particular, we were quite encouraged by management’s reassurance that the competitive landscape is unlikely to trigger a big capex cycle any time soon, the company will maintain production discipline, and deleveraging will remain a top priority. That, along with this week’s debt refinancing transactions (pending completion), makes us feel more confident about potential for shareholder returns and an investment grade credit rating in 2026, if not earlier. We maintain our SO rating while raising our target ... on slight EV/EBITDA expansion to 7.0 times (was 6.5 times) to reflect our improved confidence in BBD’s long-term strategy. Although the stock has gained 71 per cent year-to-date vs. TSX up 6.6 per cent, which could create some volatility in the near term, we note valuation remains attractive at 8.5 times/6.6 times on 2024/2025 estimates vs. comps (including some more diversified players) at 12 times/10 times.”