Scotia = $2.75 from $3.00We maintain our speculative buy thesis as BBD kept its 2019 guidance intact and remains confident of FCF turnaround next year, although we think near-term execution risk still remains high as BBD is expecting an outsized FCF in Q4 and the five challenged train projects have yet to be completed. We are trimming our target to C$2.75 from C$3, with no change to FCF outlook, on lower EBITDA estimates as we take a more conservative view on the margin outlook and adequately reflect the impact of pending asset sales in 2020. We expect Q4 FCF and 2020 guidance (February) to be the next major event, followed by execution of 2020 guidance and potentially more asset sales. Good Q4 execution could potentially drive a sharp rebound in the stock but any further slippage in FCF could keep it in check for longer.