research note from scotiabankOUR TAKE: In our opinion, Q1 results reflect good progress on the turnaround. We remain comfortable that BBD should be able to meet or exceed both its profitability and FCF guidance out to 2020. The backlog at BT is solid and recent improvement in the business jet market has also improved the risk profile for BBA. The inflection point on FCF, CSeries orders as the Airbus deal closes, and deleveraging are potential catalysts. Our TP is raised to $4.75 as we incorporate the additional cash from the Downsview deal and we recommend building positions at these levels.