Shares of aircraft and systems provider Embraer S.A. (NYSE:ERJ) are soaring higher today after it entered into a deal with NetJets for up to 250 Praetor 500 jet options. The deal, valued at more than $5 billion, includes comprehensive services and support as well.
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Embraer expects to initiate deliveries in 2025. The two companies have been teaming up since 2010 with the initial deal involving 50 Phenom 300 aircraft.
NetJets currently clocks more than 1,200 daily flights globally and the addition of Praetor 500 will further boost its midsize fleet.
Overall, the Street has a $19.50 consensus price target on Embraer alongside a Strong Buy consensus rating. With rising post-COVID-19 travel demand globally, shares of the company have gained nearly 37% over the past year already.
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