Scotiabank downgraded Bombardier (BDRBF) to Sector Perform from Outperform with a price target of C$295, up from C$230, “solely on valuation” with the multiple doubling over the past year and largely closing the gap to its closest peer, General Dynamics (GD). The firm believes the multiple expansion is justified by management’s continued solid execution on deleveraging, diversification and earnings growth, the analyst tells investors.
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