Citigroup Upgrades Embraer SA to 'Buy' Amid Strategic Expansion and Growth ProspectsWe attended Embraer’s investor day where the company provided a business update focusing on efficiency and a production ramp ahead. The company recently changed its stock ticker from ERJ to EMBJ. At the event, it disclosed that the old ticker would stand for Embraer Regional Jets while the new one stands for Embraer Jets. The new descriptor is obviously broader, and we think that if Embraer were to roll out larger products they would be, in order: 1) a long-range business jet and 2) a larger 180 passenger narrowbody to take on Airbus and Boeing. KC-390 production pace is at 4/year and EMBJ’s plan is to increase it to 11 by 2030, which may include a USD500m assembly line in the US contingent on a USAF deal. On bizjets, Covid increased the TAM, as affluent individuals who could not fly commercial switched to executive and stayed in the market.