Embraer downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded Embraer (ERJ) to Peer Perform from Outperform without a price target The shares are up 100% in a year on improving operating results, sustained positive free cash flow and a large backlog increase, the analyst tells investors in a research note. The firm remains positive on the business, but downgraded Embraer as its prior price target is achieved. It also believes “unpriced tariff risk” could arrive on April 2. The looming April 2 “Liberation Day” tariffs present a material risk, particularly if value-added tax rates are included, contends Wolfe.