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Bombardier Price Target Raised to $296.00 at National Bank

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-- Bombardier (BBD-B.TO) fundamentals remain highly positive, says National Bank, after the company reported a strong earnings beat earlier today.

Analyst Cameron Doerksen raised his price target on Bombardier shares to $296.00 from $286.00 and reiterated his sector-perform rating.

"We remain highly positive on the company's fundamentals supported by a $20.3 billion backlog, strong growth momentum in Services and Defense, and better than expected free cash flow," he adds.

Doerksen's only hesitation on the stock is valuation. He notes that the direct aircraft OEM peer group is trading at an average of 11.8x current year and 10.5x next year EV/EBITDA while Bombardier is currently trading at 13.8x and 12.3x, respectively.

Price: $281.49, Change: $+42.18, Percent Change: +17.63%

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