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Investing.com - TD Securities downgraded Bombardier Inc (TSX:BBDb). (TSX:BBD.B) (OTC:BDRBF) from Buy to Hold on Tuesday, while raising its price target to C$173.00 from C$151.00.
The downgrade comes despite the higher price target, with TD Securities analyst Tim James citing "share-price appreciation/multiple expansion" as the primary reason for the rating change.
The firm emphasized that the downgrade is purely valuation-based and does not reflect any concerns about Bombardier’s upcoming quarterly results, business outlook, or industry conditions.
TD Securities noted that while it believes the recent re-rating of Bombardier’s stock is warranted, any further multiple expansion would require additional time and financial results to justify.
The analyst also mentioned that TD Securities typically tries to avoid downgrades ahead of quarterly earnings reports, highlighting that this decision was based solely on the stock’s current valuation levels.
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