| 09:50 AM EST, 02/10/2023 (MT Newswires) -- Bombardier Inc. (BBD-B.TO) was upgraded to Buy from Speculative Buy at TD Securities on Friday. Analyst Tim James increased his target price on shares of the Canadian business jet manufacturer to $83 from $79 following its Q4 results. James said the upgrade reflects a change in his risk rating to High from Speculative, and said the previous rating reflected "elevated share-price volatility, which has declined in recent quarters; limited FCF visibility, which has improved over the course of 2022 and, based on the 2023 outlook, appears stronger going forward; business aircraft demand risk, which has declined based on recent industry book-to-bill ratios, backlog quality, and production plans; and balance-sheet leverage, which has declined materially (ahead of plan) and is expected to continue trending lower based on more predictable FCF expectations. "We continue to believe that Bombardier will be able to drive strong earnings growth through 2025, despite the potential for growing economic headwinds in 2023," the analyst said in a note to clients. "We believe that Bombardier's backlog provides good earnings visibility through 2024, and although business jet activity is moderating from the unsustainably high levels of H1/22, we view the moderation as constructive for limiting the long-term volatility and health of the cycle." (MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us) Price: 56.43, Change: -3.64, Percent Change: -6.06 |