Bombardier Inc. expects sales and profits to grow next year, as demand for private jets remains resilient.
“The guidance we’re publishing this year clearly reflects that we’re ahead of our plan,” chief executive Eric Martel said in an interview with“The market has been resilient despite the economic situation worldwide. We can still see movement and orders , but at a more reasonable pace than 12 months ago.”
National Bank analyst Cameron Doerksen increased the price target for Bombardier’s stock, from $67 per share to $72 per share, but lowered the rating to “sector perform” largely because of the “tremendous run” the stock has been on.“With a solid backlog, positive margin trends and decreasing leverage, we remain confident that financial results will continue to improve over the next several years,” Doerksen wrote in a note to clients.
Martel, who took over as CEO of Bombardier in April 2020, said that while demand for business jets has slowed from 12 months ago, the market remains strong in the face of an economic downturn. It’s a trend he says has happened before, pointing to the Great Recession that began in 2008. At the time, Bombardier saw its private jet deliveries increase 20 per cent on an annual basis.
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