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Bombardier Price Target Raised to $295.00 at CIBC on Q1 Earnings

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-- CIBC Capital Markets raised its price target on the shares of Bombardier (BBD-B.TO) to $295.00 from $288.00 while maintaining its neutral rating.

Bombardier delivered a much stronger-than-expected first quarter on free cash flow (FCF), writes analyst Krista Friesen, which is a "meaningful" positive surprise and a clear improvement when compared with the company's historically volatile FCF profile.

"That said, beyond the FCF line, the quarter did not materially change the underlying earnings or delivery outlook with the company reaffirming its revenue and EBITDA guidance," she adds.

While the stock has reacted positively, Friesen sees the quarter as incrementally strengthening the cash flow narrative rather than fundamentally altering the investment case, consistent with a neutral rating.

Price: $285.09, Change: $-3.55, Percent Change: -1.23%

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