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Embraer Stock Gains 3% Following Citi Upgrade
Oct 16, 2023 5:48 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 6:49 PM)
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Citi's analysts raised Embraer's (NYSE:ERJ) rating from Neutral to Buy and set a new price target of $16.00, up from $15.25. As a result, shares gained more than 3% intra-day today. The analysts highlighted mixed fundamentals for Embraer, noting positive expectations in the executive jets sector and potential boosts in the defense segment due to the geopolitical climate.
Despite challenges in the commercial division, it may have bottomed out, as some data suggests potential growth. Given Embraer's five-year underperformance and some valuation benefits, Citi decided to upgrade the stock.
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