Scotiabank downgrade, no clue why "less conviction in 2025"Scotiabank downgraded Bombardier () to Sector Perform from Outperform with an unchanged of C$120. When previewing Q3 earnings for the analyst’s covered A&D names, the firm notes it is expecting each of the three to meet or slightly beat consensus. However, it adds that it is focused on potential updates on guidance and/or the longer-term outlook. In the case of Bombardier, the firm says the company has been executing well, and it sees some upside risk to 2024 margin guidance, but it now has less conviction in 2025 guidance and is being “mindful” that the stock has more than doubled since February as it rolls forward valuation.