Embraer is facing increasing challenges due to a soft business jet market and a rejuvenated C Series
We’re planning to move our Embraer ADR fair value estimate down about 7%, to $27 from $29. The Bombardier and Airbus joint venture on the C Series aircraft, which competes with Embraer’s E-Jets, drives the decrease in our fair value estimate. The production bridge from the E1 to the E2 variant looks more difficult now, and we’re lowering our E-Jet delivery forecast to 87 in 2018 (from 89) and 80 in 2019 (from 91). We also slightly lowered our Stage II return on new invested capital due to strong...
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