Citigroup downgrades Embraer shares to 'sell'

Citigroup downgraded Embraer shares from “hold” to “sell” on Friday, citing its valuation, but raised the price target for shares from USD31 to USD37. On 28-Jan-2011, Morgan Stanley upgraded Embraer from “equal weight” to "overweight”.

The Brazilian manufacturer's shares gained a further 3.6% yesterday. Boeing was meanwhile slightly higher yesterday and Airbus' parent EADS gained 2.5%.

Selected original equipment manufacturers' share price movements: (% change): 07-Feb-2011