Embraer Ends the Year on a Strong Note; Maintaining $30 FVE and Awaiting Call
Narrow-moat Embraer reported fourth-quarter and full-year 2016 results prior to the U.S. market open. We cover Embraer's ADRs and shares have opened up about 4.5% following earnings, reflecting what we see as a strong end to 2016 and solid guidance for 2017. We maintain our fair value estimate of $30 per ADS as we await the earnings call and investor day with management.Revenue in the quarter was basically flat versus the fourth quarter of 2015, at $2.03 billion versus $2.07 billion in the yea...
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