JPMorgan, a US bank, kept Embraer, Brazil’s maker of commercial, executive and defence aircraft, at overweight (an analyst term for buy-leaning), InfoMoney reported on 13 November 2026. The target price stays at US$104 per ADR (a US-listed share certificate), about 30% upside, InfoMoney says.
—Rating. Overweight on Embraer, kept among JPMorgan’s preferred stocks; target US$104 per ADR, unchanged.
—Valuation. About 9.4 times 2027 EV/EBITDA (company value divided by operating earnings) against 12.7 for global peers, a discount of about 25%.
—Estimates. 2027 and 2028 revenue forecasts raised by 3% to 4%; Embraer’s New York-listed ADR (a US share certificate) trades as EMBJ.
—Power Index. Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
What JPMorgan Said
InfoMoney, a Brazilian financial news site, says JPMorgan values Embraer at about 9.4 times 2027 EV/EBITDA (company value divided by operating earnings), against about 12.7 times for global peers. That discount of about 25% is the smallest in five years, InfoMoney says.
JPMorgan puts part of the gap down to Embraer’s smaller size, per InfoMoney. Shares have risen about 22% since the second-quarter results while the Ibovespa, Brazil’s main stock index, was roughly flat.
An Embraer 190 regional jet takes off. File photo, not related to the JPMorgan report.What Is Not Known
We could not see the JPMorgan note itself, and no second outlet or Embraer statement confirms its figures. InfoMoney does not detail the note’s wider risks.
InfoMoney (Brazilian financial news site), 13 November 2026 · Our earlier Embraer results report · More Brazil coverage
Frequently Asked Questions
Which shares does JPMorgan’s US$104 target cover?
The target applies to Embraer’s ADR, which trades in New York as EMBJ. InfoMoney says JPMorgan left it unchanged.