Bombardier Inc. (OTCMKTS:BDRBF) Stock Soars 22% In a Month: How Far Can it Go?
Bombardier Inc. (OTCMKTS: BDRBF) is up 22% in a month, and year to date, the stock has jumped 212% thanks to growing business jet demand alongside the pandemic recovery and the restructuring of its debt-ridden balance sheet.
With the improving jet market business, National Bank Financial analyst Cameron Doerksen is upgrading the stock to “outperform” from “stock perform” and increase the price target for the stock to $1.75 from $1. On Tuesday, the stock closed, trading at $1.47, a 7.3% increase from its Monday close.
In a note to clients, Doerksen said that BDRBF stock had outperformed expectations, and they believed the market would require evidence of progress towards cash flow and profitability before moving higher.
He added that although they love to see more margin improvement progress, they admit that the stock is making considerable progress thanks to the improving end-market environment. The basis for the stock’s upgrade is the strong jet business demand that Doerksen sees supporting Bombardier’s new jet orders. So in the coming months, BDRBF is a stock to watch.
Market Reaction:
On Thursday, BDRBF stock fell 2.42% at $1.15 with more than 1.32 million shares, compared to its average volume of 1.84 million shares. The stock has moved within a range of $1.1200 – 1.2000 after opening the trade at $1.19. Over the past 52-week, the stock has been trading within a range of $0.2000 – 1.4500.
